In recent months, used electric vehicles (EVs) have been flying off the forecourts faster than their petrol and diesel counterparts. This trend is largely driven by the exceptional value for money that used EVs offer, with many models now priced below £18,000, making them highly attractive to buyers, according to This Money.
According to a market report by Cap HPI, used EVs sold within an average of just 33 days after being listed, compared to the 40-day average for all fuel types. This rapid turnover is a stark contrast to the new car sector, where demand for EVs remains relatively low.
Performance varied by fuel type, with diesel vehicles taking the longest to sell at 42 days. Plug-in Hybrid Electric Vehicles (PHEVs) averaged 41 days, petrol cars 39 days, and Hybrid Electric Vehicles (HEVs) 37 days.
Chris Plumb, head of car valuation at Cap HPI, noted that EVs aged three to five years demonstrated particularly strong sales, selling on average within 25.5 days. This is significantly faster than petrol vehicles in the same age group, which took an average of 39 days to sell and diesel vehicles taking the longest to sell at 42 days, according to AM Online.
Auto Trader, the nation’s biggest online vehicle marketplace, also reported that the average listed price of a used petrol car last month was 4.7% lower than November 2023, while diesels were down 5.8%. However, the biggest decline was seen in the average advertised price of pre-owned EVs, which dropped 11.7% year-on-year to £26,390.
The lower prices of used EVs, combined with the total cost of ownership savings and remaining battery warranties, present a compelling offer to buyers, says This Money. As the used car market for battery electric vehicles continues to mature, it is encouraging to see that many of the key performance indicators for this fuel type are positive.
What are your thoughts on the growing popularity of used electric vehicles?
