May saw a record high in the proportion of used electric vehicles (EVs) stocked by car dealers, with car supermarkets leading the way, according to the latest MOTORS Market View report.
The monthly analysis of used car trends revealed that 5% of cars listed on the MOTORS used car platform were EVs, up from 3.5% in May 2023. Alternative fuel vehicles collectively accounted for 13% of advertised stock, the highest monthly proportion ever recorded by Market View.
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Year-on-year, car supermarkets more than tripled the proportion of used EVs they stock, increasing from 2% to 7%. Hybrids also saw growth, rising from 7% to 10% over the same period. These gains came at the expense of diesel vehicles, whose share dropped from 35% to 27%, while petrol remained steady at 56%.
May also marked a further decrease in the average advertised prices of used EVs, which fell to a new low of £27,241, down 3% month-on-month and 10% year-on-year. This marks the eighth consecutive month of declining prices for used EVs.
Overall, May was another stable month for both prices and stock levels in the used car market. Average prices increased slightly by £69 (0.4%) month-on-month to £16,851 but were down 8% year-on-year from £18,435. Stock volumes saw a minor increase, up by just one unit month-on-month and year-on-year from 52 to 53 units. This increase was mainly observed among franchised dealers and car supermarkets, while independents remained unchanged at 39 units.
Buyers browsing online were primarily interested in cars aged between six and ten years old, with medium-sized cars being the most popular.
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By GlobalData“We’re starting to see some evolving trends in the used EV sector as a result of greater numbers becoming available and falling wholesale values driving down retail prices,” said Lucy Tugby, Marketing Director of MOTORS. “Consequently, dealers are showing more confidence in sourcing EV stock, while lower prices are opening up consideration for more buyers, as reflected by a rise in ad views in May. It’s a trend to watch but it’s still early days.
“Overall, our data shows welcome signs of continued stability across the used car market as we enter the second half of the year,” Tugby added.
