8:52 am, November 9, 2022

Kia’s EV6 and Sportage were the fastest-selling used car in October, despite concerns about the rising cost of electricity, new data has shown.

Statistics from Auto Trader revealed that EV6 models, aged less than one-year-old took an average of just 20 days to sell in the tenth month of 2022.

That figure was the joint fastest of any model – tied with hybrid versions of the Sportage SUV.

The list was dominated by electrified cars, with the entire top ten consisting of full EVs and petrol-hybrids.

The likes of the BMW i4 (21 days); the MG ZS and the Volkswagen e-Golf (both 24 days) also featured high up on the days-to-sell list.

At the other end of the scale, the slowest car to shift was the Suzuki SX4 S-Cross, which took an average of 143 days to shift, followed by the Subaru XV, which took 130 days.

Dealers also struggled to sell the likes of the Audi A5 and Citroen C4 SpaceTourer (both 124 days); the BMW 8-Series Diesel (122 days) and the Mercedes E-Class Estate (119 days).

October also marked the fourth month in a row that the average price of a used car rose.

Auto Trader’s monthly Retail Price Index revealed that average prices rose to £17,587 in October – £178 up on September (£17,409) and a significant £548 on August (£17,039).

Last month was also the 31st in a row to see year-on-year growth, with average prices up 8.1 per cent on a like-for-like basis.

Used car prices drop just 0.5% in October – the strongest performance for 14 years

Commenting on the data, Auto Trader’s director of data and insights, Richard Walker, said: ‘In the majority of cases the fundamentals driving used car price growth – a shortage of stock and robust levels of demand – remain in place.

‘The market won’t be immune to the current financial uncertainties, but there’s a range of factors unique to the automotive sector which should insulate it from some of the broader economic disruption.

‘From what we’re tracking, there’s no sign of average used car prices falling.’

He added: ‘As we can see the market is not playing by the traditional rules, with depreciation curves following abnormal trajectories – it really does highlight just how critical it is to follow the latest data and to align forecourt strategies to the fast moving and irregular market to ensure the best potential margin opportunities for your stock.’