Motorists are snapping up used electric vehicles faster than any other type of car, as rock-bottom second-hand prices make them more attractive than petrol and diesel alternatives.
In the month of November, dealers sold, on average, an electric vehicle in just 33 days after adding it to their service stations, according to a new market report.
The average for all fuel types is 40 days, with diesels taking the longest: a total of 42 days, says cap hpi.
He said the main reason electric vehicles were flying out of service stations was the increase in the number of vehicles available within the “desirable retail price of less than £18,000”.
Cap hpi, which is powered by data from used vehicle retailers across the UK, said these low prices have made them more attractive to consumers as they offer “exceptional value for money”.
The report stands in stark contrast to the new car sector, where public demand for electric vehicles remains relatively low and sales of 100 percent battery-powered vehicles driven primarily by fleets and motorists taking advantage of wage sacrifice schemes. to reduce taxes.
Second-hand car dealers have revealed that used electric vehicles sold faster on average last month than any other fuel type, even hybrids.
Used electric vehicles not only sold faster than second-hand petrol and diesel cars in November, they also outperformed hybrids.
Plug-in hybrids were the second slowest to sell at 41 days, while conventional self-charging hybrids took 37 days on average, according to the latest cap hpi data.
Gasoline cars took an average of 39 days at second-hand retailers before finding a buyer.
Electric models aged between three and five years “showed especially strong sales,” appraisal experts say.
Electric vehicles of this age sold on average in 25.5 days, well below the 36 days recorded for petrol vehicles of the same age group, as many had fallen below the £18,000 ceiling, which is where second-hand sales dominate.
Chris Plumb, head of current auto valuation at cap hpi, commented on the data: “As the used car market for battery electric vehicles continues to mature, it is encouraging to see many of the key performance indicators for this type of fuel, especially in the important retail age group of three to five years, are positive.
“As we have highlighted, electric vehicles in this age group now represent exceptional value for money.
“By taking into account the savings in total cost of ownership and the remaining battery warranty, they present an attractive offer for used car buyers.”
In the month of November, dealers sold, on average, an electric vehicle in just 33 days after adding it to their service stations, according to cap hpi.
The average for all fuel types is 40 days, with diesel fuel taking the longest of all: a total of 42 days.
Feedback from cap hpi retail partners highlighted that the used car retail market showed resilience throughout November.
Most traders described trading conditions as stable. However, some reported unusually strong demand.
Overall, most retailers appear pragmatic and recognize the influence of seasonal factors and time of year on performance.
Retail prices have seen minimal reductions this month, with adjustments limited primarily to old stock.
Most retailers have avoided overstocking, reducing the urgency to reduce prices compared to previous years, cap hpi said.
