Used EVs are selling faster than petrol for the first time – Motor Trader

Used electric vehicles (EV) are currently selling faster than their petrol counterparts for the first time.

According to Auto Trader, on average a used EV is currently taking just 26 days to sell, which is two days faster than a used petrol vehicle (28), but two days slower than a used diesel (24).

Used electric vehicles are selling 41% faster than at the start of the year, leaving forecourts 18 days sooner than they did in January (44 days).

The acceleration in the days to sell reflects the  growth in consumer demand for electric, which is reflected in the 122.6% year-on-year increase in the volume of EV searches and advert views on Auto Trader. However, they still represent a small percentage of the overall market, and evidence suggests only a small number of people show genuine intent towards purchasing one. In fact, on Auto Trader just 25% of EV considerers account for more than three quarters (79%) of all EVs looked at on its marketplace.

This reluctance is due, in part, to the significant price disparity in both new and used electric vehicles. The average sticker price of a ‘nearly new’ EV (under 12 months old) is currently 47% more expensive than its petrol or diesel equivalent, while a one year old is 40% more, a two year old is 39% more, and even a five year old electric car is over 10% more expensive. 38% of consumers identify the upfront expense of an EV as a primary barrier to entry.

Auto Trader’s director of commercial products, Karolina Edwards-Smajda, said: “The acceleration in the speed of sale of used electric vehicles reflects a significant increase in consumer demand this year, which has been driven by a myriad of factors, not least rising fuel costs. The used electric market will play an important role in driving mass adoption and reaching the government’s 2030 targets, however, as it stands, the ‘green premium’ for buying a new or used EV mean they remain out of reach for the vast majority of car buyers. If the government is serious in its ambition, it will need to do a lot more to make EVs financially accessible to more than just the most affluent; it would do well to take the lead from other European markets which are applying a smarter approach to incentives and a more comprehensive set of enabling policies.”


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