Autotrader reports used EVs selling faster than other cars

Used EVs have sold more quickly on average then petrol or diesel alternatives thus far in June, in keeping with Autotrader.

The car-selling platform has published data showing used EVs have on average taken 25 days to sell thus far this month, compared with 29 days for petrol cars and 33 days for diesels.

Autotrader said the preferred EVs of all were those within the three-to-five-year-old age bracket, which were selling in only 21 days on average and attracting nearly half of all used EV enquiries.

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Autotrader added that increased EV demand – attributed to aspects equivalent to rising fuel prices and geopolitical uncertainty – had seen prices for the vehicles remaining flat in May, ending 40 consecutive months of decline.

Six of the fastest-selling models on Autotrader thus far in June are EVs, and an additional three are hybrids, including the fastest seller, the MG ZS, at just ten days on average.

Apart from the MG, all the top ten are three-to-five years old, reinforcing Autotrader’s view that this represents a ‘sweet spot’ for the market, particularly with supply issues affecting the five-to-seven-year-old automobile market.

Used EV market data ‘encouraging’

Marc Palmer, head of strategy and insights at Autotrader, said: “There’s understandably loads of concentrate on latest EVs and the ZEV mandate, however the used market has a critical role to play in making the electrical transition work for more drivers and in keeping latest EVs reasonably priced through robust residual values.

“What we’re seeing in the info is encouraging: used EVs, particularly those within the three-to-five-year sweet spot, are selling quickly because they’re hitting the precise balance of selection, value and affordability.

“We’re moving in the precise direction and for the primary time we’re seeing most of the key used EV market metrics all within the positive. With fuel prices rising in response to geopolitical disruption, that value equation is prone to change into much more necessary for cost-conscious buyers.”

Palmer added that Autotrader would “strongly urge against” dilution of the UK’s planned 2030 ban on latest pure petrol and diesel automobile sales.

Fastest-selling used cars in June (Source: Autotrader)