Used EVs selling faster than petrol models
Used electric cars are changing hands than their petrol counterparts, according to new data.
Analysis of retail figures but automotive data specialists, cap hpi, shows that at three years old, second-hand EVs are passing through dealerships faster than used petrol vehicles of the same age.
At the end of January 2025, three-year-old EVs were selling within 42 days on average. Their petrol counterparts took an average of 48 days, while hybrids and plug-in hybrids (PHEVs) took 43 and 47 days respectively.
The latest data comes after figures from the SMMT showed that the volume of used EV sales rose significanty in 2024, and some marketplaces reported up to 300% growth in second-hand EV transactions.
Chris Plumb, head of current car valuation at cap hpi, said: “The first half of the month showed very little change in the average number of days to sell. However, mid-January saw average days to sell beginning to reduce, particularly improving for franchised dealers, indicating that the used retail market is gathering more momentum.
“The retail market remains stable, and showcases robust consumer demand for EVs – especially for vehicles aged between three-to-five years old as they can offer exceptional value for money.
“Values for EVs at the three-year benchmark experienced a little more pressure throughout January as volumes increased through wholesale channels following several months of stability.
“However, conversion rates and average days in stock have remained stable and consistent with those of other fuel types.”
Cap hpi’s analysis showed that it took independent dealers 45 days to sell their EVs in January 2025. This compares to 48 days in December 2024, and 41 in November 2024.
Car supermarkets sold quicker averaging 36 days in January, 31 days in December, and 23 days in November. Franchised dealers sold their EV stocks within 43 days in January, compared with 40 days in December, and 35 in November.
