Used car sales have remained healthy in March within an overall upbeat and stable retail market place, according to cap hpi.
But it warned that the retail market for used EVs “still remains patchy and inconsistent” with volumes on the increase and supply outstripping demand.
“Many retailers continue to be reluctant in buying and stocking BEV’s, which can be hard to fathom given that prices have dropped on average by around 51% over the past 19 months at the three-year age point, and can look far cheaper than their ICE equivalents, sometimes by thousands of pounds,” it said in its April analysis of the market.
“For context, Petrol engined cars have only dropped by c.10% on average at the same age point and during the same 19-month period, highlighting that many dealers still continue to buy what they know.”
Cap hpi said price was the key issue and the sub £20-£25k is where the market is moving “much more freely”.
“We continue to see that their average days in stock remain comparable to internal combustion engine vehicles. Of the volume models which include Nissan Leaf, Tesla Model 3, Audi E-Tron, Jaguar I-Pace and Kia E-Niro the average days in stock sit between 23 to 28 days.
It said there were some “enticing” models in the market, including the Tesla Model 3 Long Range start at £20,000, the Vauxhall Corsa SRi Nav Premium at £11,499, MG ZS Excite at £11,399, and the VW I.D.3 Life Pro Performance at £13,999.
“These prices make used BEVs affordable and accessible to a much wider range of consumers and offer superb value for money, not to mention the overall savings in total,” it added.
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