Confidence growing in used electric vehicles
Demand for used electric vehicles is continuing to grow with models aged three and four selling six days faster than equivalent petrol models.
This comes despite a 1.2% increase in three-year-old electric vehicles during May, according to Solera cap hpi.
The strongest performers remain mainstream models such as the MG 5, Polestar 2, Tesla Model 3, Volkswagen ID.5 and MINI Cooper Electric, which all saw price rises of more than five per cent at the three-year, 60,000-mile point.
This contrasts to continued value pressure at the premium end of the market.
Winners and losers
Chris Plumb, head of current car valuations at Solera cap hpi, said: “The EV market has entered a more stable phase than we have seen over the last few years. Consumer confidence is improving as used prices become more accessible, while buyers are becoming increasingly familiar with battery electric vehicles as a practical ownership proposition.
“Recent increases in fuel prices, driven by conflict in the Middle East and wider global uncertainty, are also helping to strengthen the appeal of EVs. When motorists face rising fuel costs, the running-cost benefits of electric vehicles become much more apparent.
“At the same time, dealers should recognise that EVs are no longer one homogeneous market. There are clear winners and losers emerging, and understanding those differences will be critical when making stocking decisions.
“The opportunity for dealers today sits firmly in the volume segment. Well-known EVs priced below £25,000 are attracting strong levels of consumer interest and selling quickly when positioned correctly. Dealers who focus on proven, affordable EVs with strong retail demand are likely to find opportunities that simply were not there 18 months ago.”
