Used EVs only fuel type not recording price growth

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Used EVs were the only fuel type to not record growth, according to data from Auto Trader which analysed the used car market’s start to Q2.

Despite consumer demand (up 56% YoY), average prices of used EVs fell 0.4% MoM. Petrol and diesel cars saw average prices increase by 1.3%, despite recording demand of 8.4% and -5.7% respectively.

Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA), said: “It’s encouraging to see that the robust start of the used car market in 2024 has continued as we enter Q2.

“There are also signs that the market is returning to pre-pandemic levels. Despite this, it’s notable that whilst younger EVs are outperforming the market, used electric vehicles were the only fuel type not to record price growth demonstrating that the used electric market is still maturing.”

Younger EVs are said to have outperformed the market as the average price of 1 to 3 year old EVs rose 2.5% on March while petrol cars and diesel cars of the same age increased 2.3% and 4.3% respectively.

However, a lack of price growth in the used electric market reflects uncertainty felt by potential buyers.

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