Record Levels of EVs Stocked by Used Car Dealers in May: Analysis by Motors
The latest data from digital marketplace, Motors, has revealed some interesting trends in the used car market for the month of May. Used car dealers have stocked record levels of electric vehicles (EVs), with 5% of cars listed on the platform being EVs – up from 3.5% in the previous year. This increase in EV stock is part of a larger shift towards alternative fuelled cars, which collectively accounted for 13% of advertised stock – the highest ever recorded.
Car supermarkets have played a significant role in this change, more than tripling the proportion of used EVs they stock from 2% to 7% year-on-year. Hybrids have also seen growth, increasing from 7% to 10% in the same period. This surge in alternative fuel vehicles has come at the expense of diesel cars, which saw a decrease in market share from 35% to 27%. Petrol cars, on the other hand, maintained a 56% market share.
In addition to the increase in EV stock, the average advertised prices of used EVs have also been on the decline, reaching a new low of £27,241 in May. This marks the eighth consecutive month of falling prices for EVs, making them more accessible to a wider range of buyers. Lucy Tugby, marketing director of Motors, noted that the lower prices are driving increased confidence among dealers in sourcing EV stock.
Overall, May was a stable month for the used car market, with average prices increasing slightly to £16,851 and stock levels remaining steady. Buyers were primarily interested in cars aged between six and 10 years old, with medium-sized cars being the most popular choice. Tugby expressed optimism for the future, stating that the data shows signs of continued stability as we move into the second half of the year.
The shift towards EVs and alternative fuel vehicles in the used car market is a trend to watch, as it reflects changing consumer preferences and increasing availability of these eco-friendly options. With prices for used EVs becoming more competitive, it will be interesting to see how this trend continues to evolve in the coming months.