According to a new report, demand for used EVs continues to rise in the UK as a result of falling prices…
Demand For Used EVs Rises
For the first time in the UK, used EVs are selling as quickly as their diesel and petrol counterparts. That’s according to a new report published by Indicata Market Watch. Last month, used EV sales shot up by an impressive 68% as overall prices in the used market fell.
Between April and early May, prices for used vehicles declined by an average of 1.4%. According to the BCA Marketplace, average used car prices fell from a September high of £12,000 to £8,552 in April. Values have, ultimately, begun to settle after periods of volatility. Guide price performance has moved from 99.0% in January to 94.8% last month.
Recovering From The Pandemic?
Stuart Pearson, BCA UK COO, commented on the research and noted that pre-pandemic figures were beginning to reappear. He explained, “for the first time since the onset of the pandemic in early 2020, the used vehicle marketplace is starting to exhibit some of the more typical traits we might have expected to see in previous years. Traditionally the used car market would soften post-Easter as inventory swelled following the plate-change and consumers focused their spending priorities on other things, such as funding the family holiday”.
He added, “the demand for EVs has shrunk stock availability in the used market, with models like the Kia Niro and Hyundai Ioniq selling in less than a month, on average”.
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