7:03 am, June 2, 2024
Used car dealers stocked record levels of EVs last month as car supermarkets spearheaded a change in the tide.
That is according to fresh data from digital marketplace, Motors, which has been investigating used car trends throughout May.
The firm found that in the fifth month of the year, dealers stocked their highest ever proportion of used EVs.
The monthly analysis found that 5% of cars listed on the Motors platform were EVs, up from 3.5% in May 2023, as alternative fuelled cars collectively accounted for 13% of advertised stock – the highest monthly proportion ever recorded.
Year-on-year, car supermarkets more than tripled the proportion of used EVs they stock from 2% to 7%. Hybrids have also grown from 7% to 10% in the same period.
The data showed that the gains were largely made at the expense of diesels, which dropped from a 35% share to 27%. Eleshwere, petrol continued to hold firm with a 56% market share.
May also marked a further drop in the average advertised prices of used EVs to a new low of £27,241, down 3% month-on-month and 10% year-on-year.
Prices for used EVs have now been falling for eight consecutive months, according to Motors’ data.
Lucy Tugby, marketing director of Motors, said: ‘We are 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.
‘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.’
Away from EVs, Motors says that May was another stable month for both prices and stock levels.
Average prices increased by just £69 (0.4%) from April to £16,851, although they were down 8% from £18,435 at the same point last year.
Stock volumes were up by just one unit from last month, rising from 52 to 53 cars. The increase was felt mostly by franchised dealers and car supermarkets, while independents remained unchanged at 39 units.
Buyers heading online were mostly looking at cars aged between six and 10 years old, with medium sized cars being the most popular.
Tugby added: ‘Overall our data shows welcome signs of continued stability across the used car market as we enter the second half of the year.’
