Demand spikes for used EVs
The average price of a used car fell one per cent in mid-November, according to Auto Trader data but demand remains strong, particularly for alternatively fuelled vehicles.
It found that customer demand is up 6.9% on November 2022 while supply is up just 3.2%
It’s a largely similar picture across fuel types, with demand growing in both ICE and alternatively fuelled vehicles.
However, while demand for petrol and diesel cars are recording relatively conservative levels of growth at 2.7% and 0.7% respectively, interest for low emission cars has rocketed. Demand for plug-in hybrid and full/mild hybrids were up 37.6% and 51.1% respectively, while demand for full EVs rose a massive 69.1% on November last year.
Director of data and insights, Richard Walker, said: “Used car supply is increasing, but critically it remains behind demand, which makes any sudden or significant drop in retail prices unlikely. With a large proportion of the market still recording strong price growth, car buyers are clearly prepared to pay the retail market value, and so I would urge retailers not to risk profit potential or a self-fulfilling prophecy by making knee-jerk reactions based on trends in trade values.
“Cars continue to sell, and quickly, so my advice is to follow the data; price to the market to sell quickly, and don’t give up your profits unnecessarily.”
