Used electric cars are selling faster than petrol and diesel models, but do you know why?
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 electric cars offer, with many models now priced below £18,000, making them highly attractive to buyers, according to This Money.
The Rise of Used Electric Cars
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.
How Used EVs Compare to Petrol and Diesel Models
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.
Conclusion
The surge in demand for used electric cars reflects a significant shift in consumer preferences, driven by affordability, lower running costs, and improved infrastructure. With prices dropping below petrol and diesel counterparts, EVs are becoming more accessible, particularly in the three-to-five-year-old category, where they now offer exceptional value for money.
Industry experts highlight that used EVs are selling faster than petrol and diesel models, with an average turnover of 33 days, compared to 40 days for all fuel types. This trend is expected to continue as more drivers recognize the benefits of EV ownership, including reduced maintenance costs and remaining battery warranties.
As the market matures, the appeal of used electric cars will likely grow, making them a viable option for budget-conscious buyers. What are your thoughts on the growing popularity of used electric vehicles?
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