8:26 am, August 9, 2024
Used electric cars aged between three and five years old were the fastest selling second-hand cars in July, according to Auto Trader.
The platform’s latest data shows that three-to-five-year-old used electric cars took 23 days on average to sell last month.
The average time that petrol and diesel models of the same age took to sell was 28 days.
More broadly, used electric cars of all ages took 28 days to sell in July – the same as petrol and diesel models.
Moreover, demand for used EVs across the board was up 43% year-on-year, while three-to-five-year-old cars – called ‘middle aged EVs’ by Auto Trader – demand surged by 138% on July 2023.
Three-to-five-year-old EVs cost on average £18,964 in July, which is almost the same price as a used petrol car of the same age (£18,076).
Auto Trader’s figures back up an earlier report this week from Cap HPI that said average values of used EVs have fallen past those of second-hand petrol and diesel cars.
Nearly-new electric cars, however, were priced on average at £37,878, which is more than £10,000 above the average price of a one-year-old petrol car (£27,397).
Auto Trader’s data also showed that it wasn’t just ‘middle-aged’ EVs that were the fastest-selling used cars in July, but the three-to-five-year age cohort in general.
Used cars aged between three–to-five-years-old sold within 27 days, faster than any other age cohort. This is also reflected in July’s top 10, with six of the fastest sellers aged within this bracket – see below.
Conversely, the age group currently lingering on forecourts the longest are those aged over 10-years-old, with these more mature motors taking on average 34 days to shift.
Richard Walker, Auto Trader’s data and insights director, said: ‘The rapid pace at which used cars are selling is a reassuring sign of the underlying health of the used car market.
‘As well as revealing the strong consumer interest for the more affordable middle-aged EVs, our data highlights just how nuanced the used car market is, particularly the still maturing electric market.
‘The months ahead look promising, but as ever, supply and demand dynamics will continue to shift, so a blend of instinct and insight will be required to navigate a stable, but fast paced market.’
The fastest-selling used cars in July
1. Mercedes-Benz GLB
Petrol, Age: 3 to 5 years, Average days to sell: 12
2= Volkswagen Arteon
Petrol, Age: 5 to 10 years, Average days to sell: 12.5
2= Nissan Qashqai
Petrol hybrid, Age: 3 to 5 years, Average days to sell: 12.5
4= Mercedes-Benz C-Class Estate
Petrol hybrid, Age: 1 to 3 years, Average days to sell: 13
4= Seat Ateca
Petrol, Age: 1 to 3 years, Average days to sell: 13
4= Volkswagen ID.4
Electric, Age: 3 to 5 years, Average days to sell: 13
7. Peugeot 3008
Petrol plug-in hybrid, Age: 3 to 5 years, Average days to sell: 14
10= MG HS
Petrol plug-in hybrid, Age: 3 to 5 years, Average days to sell: 14.5
10= Honda Civic
Diesel, Age: 3 to 5 years, Average days to sell: 14.5
10= Jeep Compass
Petrol plug-in hybrid, Age: up to 1 year, Average days to sell: 14.5
Slowest-selling used cars in July
1. Fiat 500e
Electric, up to 1 Year, 128 days to sell
2. Audi A5
Petrol, up to 1 Year, 118 days to sell
3= Nissan Ariya
Electric, 1 to 3 Years, 108.5 days to sell
3= Volkswagen ID.4
Electric, up to 1 Year, 108.5 days to sell
5. BMW i5
Electric, up to 1 Year, 101 days to sell
6. Porsche Taycan Sport Turismo
Electric, up to 1 Year, 96.5 days to sell
7. Volkswagen ID.5
Electric, up to 1 Year, 94 days to sell
8. Range Rover
Petrol, 1 to 3 Years, 92.5 days to sell
9. Audi Q4 e-tron
Electric, up to 1 Year, 92 days to sell
10. Volvo XC90
Petrol plug-in hybrid, up to 1 Year, 89 days to sell
Fastest-selling used electric cars in July
1. Volkswagen ID.4
3 to 5 Years, 13 days to sell
2. Tesla Model 3
3 to 5 Years, 16 days to sell
3. MG ZS
3 to 5 Years, 18 days to sell
4. Tesla Model 3
1 to 3 Years, 18.5 days to sell
5. MG5
3 to 5 Years, 18.5 days to sell
6. Jaguar I-Pace
5 to 10 Years, 18.5 days to sell]
7. Polestar 2
3 to 5 Years, 19 days to sell
8. Volkswagen ID. Buzz
1 to 3 Years, 19 days to sell
9. Mercedes-Benz EQA
3 to 5 Years, 19 days to sell
10. Volkswagen e-Golf
3 to 5 Years, 19 days to sell
