BCA is reporting an improved used marketplace for electric vehicles (EV), with May 2023 recording the strongest month’s performance for EVs since the peak recorded last October.
Across the board, headline EV values at BCA were more resilient than some more traditional fuel types during the month.
Go deeper with GlobalData
BCA Valuations data suggests that sellers and buyers are currently more aligned on price expectations than at any point in the last six months, with first-time conversion rates and sold volumes for EVs rising in May.
Underlining that EVs are becoming increasingly affordable following the price realignment late in 2022, average values of £23,047 in May 2023 are significantly down on values seen at the peak of the market (calculated across a similar basket of products).
Professional buyers are now focussing more attention on the higher specification premium EV sector now that values have steadied, with early indications that values on some models are beginning to rise.
Stuart Pearson, BCA COO said: “We have seen a very positive performance across the used car market at BCA in recent weeks, with the EV sector perhaps being the surprise package of 2023 so far.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataHe added: “The very negative outlook from a number of market commenters had certainly affected confidence across the EV marketplace, so it is encouraging to see values rally in recent weeks.
“The year-on-year valuation chart certainly shows that affordability has increased significantly and this will be reflected in demand at wholesale levels.
“There is also greater stability in pricing across more models each week with values starting to be much less prone to spikes and falls.”
He added: “We are starting to see values rise for some models and the pool of EV buyers at BCA is growing each month, reflecting the interest reported by the SMMT which revealed electric vehicles represented the second biggest sector by fuel type – after petrol – for new vehicle sales in May.”
How to understand the subscription approach to car finance
