Proportion of used EVs stocked by dealers hits a new high in May, reports MOTORS Market View

May saw the highest ever proportion of used EVs being stocked by dealers with car supermarkets leading the way, according to the latest MOTORS Market View.

The monthly analysis of used trends found 5% of cars listed on the MOTORS platform were EVs, up from 3.5% in May 2023, with alternative fuelled cars collectively accounting for 13% of advertised stock, the highest ever monthly proportion recorded by Market View.

Year-on-year (YoY) car supermarkets more than tripled the proportion of used EVs they stock from 2% to 7%. Hybrids have also grown from 7% to 10% in the same period. These gains were made at the expense of diesel which dropped from a share of 35% to 27%, while petrol has remained constant at 56%.

May also marked a further drop in the average advertised prices of used EVs to a new low of £27,241, down 3% month-on-month (MoM) and 10% YoY. Prices for used EVs have now been falling for eight consecutive months.

Overall it was another stable month for both prices and stock levels.

Average prices increased by just £69 (0.4%) MoM to £16,851, although they were down 8% YoY from £18,435.

Stock volumes were up by just one unit MoM and YoY from 52 to 53 units. The increase was felt mostly by franchised dealers and car supermarkets, while independents remained unchanged at 39 units.

Buyers heading online were mostly looking at cars aged between six and 10 years old, with medium sized cars being the most popular.

“We’re starting to see some evolving trends in the used EV sector as a result of greater numbers becoming available and falling wholesale values driving down retail prices,” said Lucy Tugby, Marketing Director of MOTORS.

“Consequently, dealers are showing more confidence in sourcing EV stock, while lower prices are opening up consideration for more buyers, as reflected by a rise in ad views in May. It’s a trend to watch but it’s still early days.

“Overall our data shows welcome signs of continued stability across the used car market as we enter the second half of the year,” said Tugby.