Demand for EVs continues to rise as a result of the Middle Wast conflict. The Market Days’ Supply (MDS) of used EVs fell again in May to a record low of 29 days from 41 days in April.
That means the UK has just 29 days of used EV supply left if the sales stay at their current level.
This figure remains the lowest in the 16 European countries Indicata publishes its Market Watch report for the second month running.
MDS is derived from dividing the current supply of inventory by the average daily retail sales rate over the past 45 days. A lower number signifies high demand and quick sales.
The growth in popularity of used EVs was further reinforced by Indicata’s top three fastest-selling used cars being all electric with the Volvo C40 topping the list followed by the BMW iX3 and Cupra Born.
“The speed at which the demand for used EVs has changed is incredible. Even before the Middle Eastern conflict we had started to see a gradual rise in popularity for used EVs, but the recent huge increase in ICE fuel prices has sent demand through the roof,” explained Neil Frost MD of Autorola UK, parent company of Indicata.
“Amazingly used EV prices haven’t yet responded, but if demand continues at this level, we expect to see prices start to climb,” he added.
