Used electric cars are selling FASTER than petrol and diesel models, for one very good reason
Motorists are more likely to buy used electric vehicles than any other type of car because low second-hand prices make them more attractive than petrol and diesel alternatives.
In the month of November, dealers sold an average of an EV in just 33 days after placing it at their forecourt, according to a new market report.
The average for all fuel types is 40 days, with diesels taking the longest: 42 days in total, says Cap HPI.
It said the biggest reason for electric vehicles flying off the forecourts was the increase in the number of electric cars available within the ‘desirable retail price of under £18,000’.
Cap hpi, which receives data from used car retailers in the UK, says these low prices have made them more attractive to consumers as they offer ‘exceptional value for money’.
The report is in stark contrast to the new car sector, where public demand for electric vehicles has remained relatively low and sales of 100 percent battery vehicles are driven mainly by fleets and drivers taking advantage of tax-saving salary sacrifice schemes.
Used car dealers have revealed that used electric vehicles have sold faster on average in the past month than any other fuel type, even hybrids
Used electric cars not only sold faster than used petrol and diesel cars in November, they also performed better than hybrids.
Plug-in hybrids were the second slowest to sell at 41 days, while conventional self-charging hybrids took an average of 37 days, according to the latest data from cap hpi.
Gasoline cars spent an average of 39 days at second-hand stores before a buyer was found.
Electric models three to five years old “showed particularly strong sales,” the valuation experts said.
EVs of this age sold in an average of 25.5 days – well below the 36 days recorded for petrol vehicles in the same age group – as many had fallen below the £18,000 ceiling where second-hand sales dominate.
Commenting on the data, Chris Plumb, head of current car valuation at cap hpi, said: ‘As the used car market for battery electric vehicles matures, it is encouraging to see that many of the key performance indicators for this fuel type, especially in the important age category of three to five years in retail are positive.
‘As we have highlighted, electric cars within this age range now represent exceptional value for money.
‘When you take into account the savings on total cost of ownership and remaining battery warranty, they represent an attractive offer for used car buyers.’
According to cap hpi, in the month of november, dealers sold an average of an EV in just 33 days after placing it at their forecourt.
The average for all fuel types is 40 days, with diesels taking the longest: 42 days in total
Feedback from cap hpi’s retail partners showed that the used car retail market showed resilience in November.
The majority of dealers described trading conditions as stable. However, some reported unusually strong demand.
Overall, most retailers appear pragmatic and recognize the impact of seasonal factors and time of year on performance.
Retail prices fell minimally this month, with adjustments mainly limited to outdated inventory.
Most retailers have avoided overstocking, which has reduced the urgency to cut prices compared to previous years, Cap HPI said.
