By ROB HULL
Updated: 21:48 AEDT, 9 December 2024
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Motorists are snapping up used electric vehicles faster than any other type of car as rock-bottom second-hand prices make them more appealing than petrol and diesel alternatives.
In the month of November, dealers were, on average, selling an EV in just 33 days of adding them to their forecourts, according to a new market report.
The average across all fuel types is 40 days, with diesels taking the longest of all - a total of 42 days, says cap hpi.
It said the biggest reason for EVs to be flying off forecourts was the increase in numbers available within the 'desirable retail price point of under £18,000'.
Cap hpi, which is fed data from used vehicle retailers across the UK, said these low prices have made them more attractive to consumers as they offer 'exceptional value for money'.
The report is a major contrast to the new car sector, which has seen a public demand for EVs remain relatively low and sales of 100 per cent battery vehicles driven primarily by fleets and motorists taking advantage of tax-cutting salary sacrifice schemes.
Second-hand car dealers have revealed that used electric vehicles sold faster on average last month than any other fuel type, even hybrids
Used EVs not only sold faster than second-hand petrol and diesel cars in November, they also outperformed hybrids.
Plug-in hybrids were the second slowest to sell at 41 days while conventional self-charging hybrids took 37 days on average, according to cap hpi's latest data.
Petrol cars averaged 39 days at used retailers before a buyer was found.
Electric models aged three to five years old 'demonstrated particularly strong sales', the valuations experts said.
EVs of this age were sold on average within 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, which is 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 continues to mature, it is encouraging to see that many of the key performance indicators for this fuel type, especially in the important retail age band of three to five years, are positive.
'As we have highlighted, EVs within this age band now represent exceptional value for money.
'When factoring in the total cost of ownership savings and the remaining battery warranty, they present a compelling offer to used car buyers.'
Auto Trader, the nation's biggest online vehicle marketplace, shared a similar update on November activity.
Based on around 800,000 used motors advertised for sale on its website daily last month, it said the average listed price of a used petrol car last month was 4.7 per cent lower than November 2023 at £14,710.
Diesels were down 5.8 per cent at £14,077 on average while the typical plug-in hybrid lost 10.5 per cent year-on-year at £30,598.
But the biggest decline was the average advertised price of pre-owned EVs, down 11.7 per cent year-on-year to £26,390.
Cheaper pricing resulted in faster sales; cars had sold two days quicker on average than in 2023, taking 31 days to leave forecourts.
However, EVs sold even more quickly in only 28 days. It also said older models - those between three and five years old - were finding new owners in a mere 22 days.
In the month of November, dealers were, on average, selling an EV in just 33 days of adding them to their forecourts, according to cap hpi
The average across all fuel types is 40 days, with diesels taking the longest of all - a total of 42 days
Feedback from cap hpi’s retail partners highlighted that the used car retail market showed resilience throughout November.
The majority of dealers described trading conditions as steady. However, some reported unseasonably strong demand.
Overall, most retailers appear pragmatic, acknowledging the influence of seasonal factors and the time of year on performance.
Retail prices have seen minimal reductions this month, with adjustments mainly limited to ageing stock.
Most retailers have avoided overstocking, reducing the urgency to cut prices compared to previous years, cap hpi said.
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