Used EV demand exceeds petrol

Auto Trader data has revealed that used electric vehicles are selling faster than used petrol vehicles for the first time.

Its Fastest Selling Index tracks the potential speed at which vehicles will sell based on live supply and demand in the market. It found that 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).

Remarkably, 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 staggering acceleration in the days to sell reflects the massive 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.

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.”