Victory for voltage, as “middle aged” EVs fly off forecourts in July

The latest figures from the UK’s largest automotive platform reveals the fastest selling used car in July was the Mercedes-Benz GLB (petrol, 3-5-years-old), taking on average just 12 days to sell. Although it’s more than two weeks sooner than the national average, due to the strong underlying health of the used car market, second-hand cars were selling in just 29 days last month, which is a day faster than in June, and four faster than in July 2023 (33 days).

It was a particularly strong month for low-emission vehicles, which accounted for 60% of the UK’s top 10 fastest sellers, including five hybrid models and one fully electric car, the Volkswagen ID.4 (5-10 years), which on average sold within just a fortnight.

More broadly, along with petrol cars, the average used EV took 28 days to sell last month, making them the fastest selling fuel types. It marks the fastest rate in which used EVs have sold in eight months, but a more granular view of the data, reveals that 3-5-year-old electric models are selling at an even greater pace. In fact, EVs of this age cohort are currently selling faster than any other segment of the market, taking just 23 days to sell, nearly a week faster than the national average. In contrast, petrol and diesel cars of the same age, are both taking an average of 28 days to shift.

This rapid speed of sale for these ‘middle aged’ electric cars, is reflected in the level of consumer engagement on Auto Trader. Last month, demand^[1] for used electric vehicles of all ages was up 43% year-on-year (YoY). However, for those aged 3-5-years-old, it rocketed 138% on July 2023, which is the highest level of growth of any vehicle type.

As always, Auto Trader’s data reveals a nuanced used car market. Indeed, at the opposite end of the scale, ‘nearly new’ electric cars, those aged less than a year old, are lingering on forecourts longer than any other segment of the used car market, taking an average of 50 days to sell: more than twice as long as their older counterparts.

The disparity is largely due to affordability. Auto Trader’s pricing data, which is based on over 800,000 daily pricing observations across the retail market, indicates that the average price of a used 3-5-year-old electric car cost an average of £18,964 in July, which is almost the same price as a used petrol car of the same age (£18,076). In contrast, a ‘nearly new’ electric car cost £37,878 on average in July, which is more than £10,000 above the average price of a one-year-old petrol car (£27,397).  

When assessing the full scope of the retail market, it’s not just middle aged EVs that are streaking ahead. Indeed, used cars aged between 3–5-years-old are selling within 27 days, faster than any other age cohort. This is also reflected in July’s top 10, with six of the fastest sellers aged within this bracket.  

Conversely, the age group currently lingering on forecourts the longest are those aged over 10-years-old, with these more mature motors taking on average 34 days to shift.

Commenting, Richard Walker, Auto Trader’s Data & Insights director, said: “The rapid pace at which used cars are selling is a reassuring sign of the underlying health of the used car market. As well as revealing the strong consumer interest for the more affordable middle-aged EVs, our data highlights just how nuanced the used car market is, particularly the still maturing electric market. The months ahead look promising, but as ever, supply and demand dynamics will continue to shift, so a blend of instinct and insight will be required to navigate a stable, but fast paced market.” 

^[1]As determined by searches and advert views on Auto Trader.