EV sales have risen to a record 9.8% of all used cars sold in April, up from 7.4% in March, while stock levels have reduced from 10% to 9.1% as drivers turn to electric to combat rising fuel prices caused by the Middle Eastern conflict.
The Market Days’ Supply (MDS) of EVs has fallen to a record low of 41 days, meaning electric cars are the second fastest selling powertrain behind petrol (39 days). This EV figure is the lowest in the 16 European countries covered by Indicata’s Market Watch.
Dean Merritt, Indicata UK’s national retail strategy manager, said: “We are seeing a clear acceleration in used BEV sales, combined with a contraction in stock levels which is improving market fluidity. It has helped clear the backlog of used EV stock; however, this adjustment has not yet translated into an increase in prices.
“It puts the used EV market in a good place as consumer and wholesale demand is growing at a time when more EVs are being de-fleeted by leasing and salary sacrifice companies.”
The MDS of EVs was 85 days in January which shows just how quickly market sentiment towards used EVs has changed in just a few months.
Used EV prices have fallen by 0.5% in the past month, according to Indicata’s data.
The current market dynamics are likely to support a stabilisation of residual values in the short term.
However, it remains uncertain how sustainable this shift will be if energy prices begin to normalise.
