High fuel prices driving demand for used electric cars
Demand for used electric cars under £10,000 has surged on the back of spiking fuel prices caused by the conflict in the Middle East.
Shoreham Vehicle Auctions has reported that every used electric model in the sub £10,000 price category found a buyer in its weekly Monday dealer part exchange and Thursday fleet and finance sales.
Each model received multiple bids as dealers jostle to secure the stock most in demand by price-conscious car buyers.
Alex Wright, managing director of Shoreham Vehicle Auctions, said: “It’s a brutal way for the used EV sector to build dealer and consumer confidence, but when an electric car is saving a consumer hundreds of pounds each month compared with petrol or diesel then it’s a win win for them.
“With no sign of the Middle East conflict ending and oil prices likely to stay high we expect this surge in demand for cheaper EVs from dealers and consumers to continue. The fuel prices might also encourage used car buyers with a larger budget to buy electric for the first time.”
