Motorists are snapping up used electric vehicles faster than any other type of car, thanks to low second-hand prices making them more appealing than petrol or options.
In November, dealers sold EVs within an average of just 33 days after listing them, according to a market report from Cap hpi. This beats the 40-day average for all fuel types, with diesel cars taking the longest to sell at 42 days.
The main driver behind this rapid turnover is the growing availability of EVs prices below £18,000 a sweet spot for second-hand buyers. Cap hpi, which collects data from used car retailers across the UK, says these lower prices offer "exceptional value for money" and have made EVs highly attractive.
This trend in the used car market is in stark contrast to the new car sector, where demand for EVs remains modest, with sales largely driven by company fleets and tax-efficient salary sacrifice schemes.
How EVs compare to others
In addition to outselling petrol and diesel models, used EVs also performed better than hybrids in November. Plug-in hybrids took an average of 41 days to sell, while traditional hybrids sold in 37 days. Petrol cars averaged 39 days.
Electric vehicles aged three to five years were especially popular, selling in just 25.5 days on average, far quicker than the 36 days for petrol cars of the same age. Many of these EVs have dropped below the £18,000 mark, where most second-hand sales occur.
Chris Plumb, head of car valuation at cap hpi, said, "As the used EV market continues to mature, it's encouraging to see strong sales performance in the three-to-five-year age group. These vehicles now represent exceptional value for money, especially when factoring in ownership cost savings and remaining battery warranties."
Auto Trader also highlighted the trend, it reported that the average price of used EVs in November fell by 11.7% compared to the previous year, reaching £26,390
This price drop has helped boost sales speed, with EVs leaving forecourts in an average of 28 days, compared to 31 days for all cars. Older EVs (three to five years) were even quicker to sell, taking just 22 days to find a buyer.
Cap hpi noted that the used car market showed resilience in November. Most dealers reported steady trade, with some even experiencing higher-than-expected demand. While seasonal factors and the time of year impacted performance, retail prices saw only minimal reductions, mainly for older stock.
Retailers have been cautious about overstocking, which has reduced the need for aggressive price cuts compared to previous years. This pragmatic approach, combined with competitive EV pricing, has kept the used car market strong as 2024 draws to a close.
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