LSE: 747.80 GBP -1.80 (-0.24%)
Menu
Close
09 May 24 Press releases

Another significant growth spurt for the maturing used electric market

Q1 marked another significant growth spurt for the maturing used electric market; strong demand saw used EVs sell 15 days faster in March than last year, and currently account for nearly 10% of all sub-five-year-old used car enquiries sent to retailers through our platform. Electric prices are beginning to level off, but with a third of used models costing under £20,000 - more than half the average sticker price of a brand-new EV - the second-hand market remains the most compelling and accessible route for buyers eager to make the switch.

Key spokesperson

Ian Plummer

Commercial Director

CONNECT

Plummer continued: “Many used electric models are now at price parity with their petrol and diesel counterparts; with such huge growth in sales, it’s clear that when priced affordably, EVs are a very attractive prospect.

“The overall retail market was quick to shake off the traditional festive dip, and since the New Year, we’ve been tracking very robust levels of consumer demand. Not only did the quarter culminate in a record 89 million visits to our marketplace in March, but used cars sold at the fastest pace we’ve ever recorded, translating to an exceptionally positive start to the year, with sales up 6.5%. Based on what we’re seeing, the market’s carried some real momentum into Q2, with average sales up over 6% in April.

“The months ahead may hold some challenges, not least the ongoing squeeze in supply, as well as a turbulent economic and political backdrop, but I’ve every confidence the used car market will continue to demonstrate its huge resilience.”

Share:
Up next
Auto Trader data to power Office for National Statistics' official measures of inflation
Read More
Retailers embracing digital are reporting more sales, more efficiency and more satisfied customers
Read More
Auto Trader is first FTSE 100 to achieve Gold Carbon Literacy status
Read More

Stay up to date

Follow us on our social channels to keep up with the latest news, insights and company developments.

 

If you would like to be added to our News & views mailing list, or have any media-related enquiries, please contact our press team:

Auto Trader UK

Auto Trader Insight

Auto Trader Life

Other Group sites

Looking to join the team?

Careers

Looking to buy or sell a vehicle?

Consumers

Keep in touch

Sign up to our email alerts service:

RNS alerts

Join our news & views mailing list
or submit media-related enquiries:

Contact our press team
  • @2024 Auto Trader Group plc. Registered in England with company number: 09439967.