Electric vehicles (EVs) have emerged as the fastest-selling fuel type in the used car market, surpassing petrol and diesel cars. According to Auto Trader, EVs took an average of just 27 and 25 days to sell in the previous month and the current month, respectively. In comparison, petrol and diesel cars are selling every 31 days on average in October.
The rise in the popularity of EVs is evident in the list of fastest-selling used cars, with seven out of the top 10 being electric or alternatively fuelled vehicles. This includes models such as the Kia Niro, Vauxhall Corsa-e, Renault Megane E-Tech, Audi e-tron, and Renault Zoe. These cars have been highly sought after, taking between 9 and 15 days to sell.
One of the contributing factors to the growing demand for used electric cars is the improved affordability and availability. Auto Trader reported that nearly a quarter (22%) of used electric stock on their platform in September was priced between £10,000 and £20,000, providing greater choice in the more affordable end of the market. This increase in options has attracted more consumers to consider purchasing used EVs.
However, the second-hand electric car market is still in its early stages, and as a result, some volatility can be expected as it continues to mature in the coming years. Despite this, retailers have a significant opportunity to future-proof their businesses and gain profits by embracing the data and trends surrounding used electric cars.
In addition to electric vehicles, petrol-hybrid models have also shown impressive sales performance. The Mercedes-Benz CLA Class, both petrol-hybrid and petrol variants, took just 6 and 8 days to sell, respectively. This showcases the growing appeal of hybrid technology among used car buyers.
The data from Auto Trader serves as a testament to the shift in consumer preferences towards more sustainable and efficient modes of transportation. As EV technology continues to advance and become more mainstream, the used car market is seeing a surge in demand for electric and hybrid vehicles, setting the stage for a greener future.
Source: Auto Trader