Auto Trader reveals fastest selling used cars in July

The Mercedes-Benz GLB was the fastest selling used automotive in July on Auto Trader, taking just 12 days to sell.

Even though it’s greater than two weeks before the national average, attributable to the strong underlying health of the used automotive market, second-hand cars were selling in only 29 days last month, which is a day faster than in June, and 4 faster than in July 2023 (33 days).

It was a very strong month for low-emission vehicles, which accounted for 60% of the UK’s top 10 fastest sellers, including five hybrid models and one fully electric automotive, the Volkswagen ID.4 (5-10 years), which on average sold inside only a fortnight.

More broadly, together with petrol cars, the typical used EV took 28 days to sell last month, making them the fastest selling fuel types.

It marks the fastest rate by which used EVs have sold in eight months, but a more granular view of the information reveals that 3-5-year-old electric models are selling at a good greater pace. 

Actually, EVs of this age cohort are currently selling faster than every other segment of the market, taking just 23 days to sell, nearly every week faster than the national average.

In contrast, petrol and diesel cars of the identical age, are each taking a mean of 28 days to shift.

This rapid speed of sale for these ‘middle aged’ electric cars, is reflected in the extent of consumer engagement on Auto Trader.

Last month, demand for used electric vehicles of all ages was up 43% year-on-year (YoY).

Nevertheless, for those aged 3-5-years-old, it rocketed 138% on July 2023, which is the very best level of growth of any vehicle type.

As at all times, Auto Trader’s data reveals a nuanced used automotive market.

Indeed, at the other end of the size, ‘nearly latest’ electric cars, those aged lower than a 12 months old, are lingering on forecourts longer than every other segment of the used automotive market, taking a mean of fifty days to sell: greater than twice so long as their older counterparts.

Disparity right down to affordability

The disparity is basically attributable to affordability.

Auto Trader’s pricing data, which is predicated on over 800,000 day by day pricing observations across the retail market, indicates that the typical price of a used 3-5-year-old electric automotive cost a mean of £18,964 in July, which is nearly the identical price as a used petrol automotive of the identical age (£18,076).

In contrast, a ‘nearly latest’ electric automotive cost £37,878 on average in July, which is greater than £10,000 above the typical price of a one-year-old petrol automotive (£27,397).  

When assessing the complete scope of the retail market, it’s not only middle aged EVs which can be streaking ahead. Indeed, used cars aged between 3–5-years-old are selling inside 27 days, faster than every other age cohort.

This can be reflected in July’s top 10, with six of the fastest sellers aged inside this bracket.

Conversely, the age group currently lingering on forecourts the longest are those aged over 10-years-old, with these more mature motors taking up average 34 days to shift.

Richard Walker, Auto Trader’s data & insights director, said: “The rapid pace at which used cars are selling is a reassuring sign of the underlying health of the used automotive market.

“In addition to revealing the strong consumer interest for the more cost-effective middle-aged EVs, our data highlights just how nuanced the used automotive market is, particularly the still maturing electric market.

“The months ahead look promising, but as ever, supply and demand dynamics will proceed to shift, so a mix of instinct and insight might be required to navigate a stable, but fast paced market.” 

Fastest selling used cars in July (all fuel types)