Higher fuel prices and a growing pool of more affordable stock, saw demand for used EVs on Autotrader surge 36.4% YoY in May.
It said the increase in consumer appetite for electric is now outpacing supply in the market, which last month fell by 11.2%YoY.
Used EVs are selling faster than ever, taking an average of 24 days to sell – 12 days quicker than the same period last year and a full five days faster than the average used petrol car.
Auto Trader added that the shift had stabilised EV pricing. Indeed, the overbalance in demand saw YoY pricing flatten (0.0%) in May, marking the first time YoY EV pricing has been non-negative since December 2022, ending 40 consecutive months of decline.
It added that the 3-5-year-old EV segment is proving particularly important, attracting 48% of all used EV enquiries and representing the fastest-selling age bracket.
Beyond electrification, older segments of the retail market continue to present a “clear margin opportunity” for retailers with pricing increasing for all cohorts older than three years.
Most notably, the 10-15-year-old segment rose 8.3% YoY, reaching a record average price of £7,213.
Autotrader head of strategy & insights, Marc Palmer, said: “May’s data reinforces the resilience of the used car market, with car buyers evidently shrugging off broader concerns about the economy.
“While demand has normalised slightly year-on-year, it continues to outpace supply, supporting both pricing and faster stock turn for retailers.”
