Average EV sales times fall in February – Solera cap hpi
Data from Solera cap hpi has revealed growing demand for electric vehicles, with average EV sales times falling in February.
It found that BEVs aged three to five years averaged just 35 days to sell, substantially faster than petrol and hybrid vehicles, which averaged 41 days.
This compares to the 42-day average recorded in January, when petrol and hybrids sold in 48 days and 43 days respectively.
Across all age groups, electric vehicles sold in an average of 39 days last month, with the Tesla Model 3 one of the best-performing BEVs at just 28 days. Hybrids sold in an average of 40 days, petrol vehicles in 42 days, plug-in hybrids at 44 days, and diesels at 46 days.
Chris Plumb, head of current car valuation at Solera cap hpi, said: “The rise in the supply of BEVs is putting pressure on certain models, particularly as buyers become more discerning. Attractive offers on new vehicles further influence the market, making new BEVs more appealing than their nearly new counterparts.
“In many cases, the monthly payments for Personal Contract Purchase (PCP) plans on brand-new BEVs are lower than those for used models, limiting demand for younger, second-hand vehicles. However, the data shows clear demand for retail-ready, three to five-year-old BEV models.”
He concluded:
“Despite the increase in volumes of certain BEV models into wholesale channels since the beginning of the year, this has not adversely affected their retail performance.”
