Used EVs surge in popularity
In July, used electric vehicles (EVs) saw a significant surge in demand across the UK, with 3-5-year-old models emerging as the fastest-selling segment in the market. According to data from Auto Trader, these middle-aged EVs sold within just 23 days on average, nearly a week faster than the national average for all used cars, which stood at 29 days.
This rapid turnover highlights the growing consumer interest in more affordable EV options. Demand for used electric vehicles of all ages increased by 43% year-on-year, with the 3-5-year-old segment experiencing an impressive 138% growth in demand compared to July 2023—the highest of any vehicle type.
However, the market remains varied. While these middle-aged EVs are flying off the forecourts, nearly new electric cars (less than a year old) are taking much longer to sell, with an average of 50 days on the market—more than twice as long as their older counterparts.
Pricing is a significant factor in this disparity. In July, the average price of a 3-5-year-old used electric car was £18,964, nearly matching that of a petrol car of the same age (£18,076). In contrast, nearly new electric cars were priced much higher, averaging £37,878, over £10,000 more than a one-year-old petrol car (£27,397).
These figures underscore the nuanced dynamics of the UK’s used car market, where affordability and age significantly influence consumer buying behavior. As electric vehicles continue to gain traction, their role in the market is expected to expand, particularly in more budget-friendly segments.
