June 16, 2024
News

Car dealers stocked a record proportion of used electric vehicles in May

May witnessed a peak in the percentage of pre-owned electric vehicles (EVs) available at car dealerships, with car supermarkets leading the charge, as per the latest MOTORS Market View report.

The monthly examination of trends in used cars showed that 5% of vehicles listed on the MOTORS used car platform were EVs, a rise from 3.5% in May 2023. Alternative fuel vehicles collectively made up 13% of advertised stock, marking the highest monthly proportion ever recorded by Market View.

Comparing year-on-year data, car supermarkets more than tripled the percentage of used EVs they offer, increasing from 2% to 7%. Hybrid vehicles also saw an increase, climbing from 7% to 10% over the same period. Meanwhile, diesel vehicles lost ground, with their share decreasing from 35% to 27%, while petrol vehicles remained stable at 56%.

May also saw a further decline in the average advertised prices of used EVs, dropping to a new low of £27,241, down 3% from the previous month and 10% from the previous year. This marks the eighth consecutive month of falling prices for used EVs.

Overall, May showed stability in both prices and stock levels in the used car market. Average prices rose slightly by £69 (0.4%) from the previous month to £16,851 but were down by 8% year-on-year from £18,435. Stock volumes saw a minor increase, up by just one unit from the previous month and year, from 52 to 53 units. This increase was mainly observed among franchised dealerships and car supermarkets, while independents remained unchanged at 39 units.

Online buyers showed a preference for cars aged between six and ten years old, with medium-sized vehicles being the most sought after.

“We’re starting to see some emerging trends in the used EV sector due to a higher number of vehicles becoming available and decreasing wholesale values leading to lower retail prices,” stated Lucy Tugby, Marketing Director of MOTORS. “As a result, dealers are becoming more confident in sourcing EV inventory, and lower prices are broadening the consideration for more buyers, as evidenced by an increase in ad views in May. It’s a trend worth watching, but it’s still early days.

“Overall, our data indicates positive signs of ongoing stability in the used car market as we move into the second half of the year,” Tugby concluded.


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