“The first statistically significant drop in the sales of used EVs” – Budget to blame?
Marketcheck, the most significant source of used car data in the UK, has today published analysis demonstrating how sales of used Electric Vehicles in the UK have reversed, with a drop since the start of Autumn. In stark comparison, used petrol sales have hit their highest point since January 2024.
Sales of used petrol cars have jumped from 175,897 in May, to 190,320 in October. In comparison, EVs have only marginally risen from 12,889 to 13,405 – and have actually dropped over the last three months from 15,082 in August.
Alastair Campbell, Marketcheck UK, commented:
“This is the first statistically significant drop in the sales of used EVs we have recorded. Alongside the more positive petrol figures, it may suggest a shift in consumer confidence back towards ICE vehicles.
All indications pointed towards a continued rise in the used EV market, so to see a 11% drop in sales over two months is a surprise. Uncertainty following the election, and ahead of the-then upcoming budget, likely contributed.
In addition, concerns around charging infrastructure and mileage potential may be growing with increased coverage and scrutiny on the EV potential.
Tightening of household budgets is likely playing a significant role, with used petrol cars available at far cheaper prices. In October, the average price of a used EV stood at £26,653 in comparison to £16,226 for a petrol vehicle. For many, it may be a simple choice of cost.
Marketcheck will follow these figures closely over the coming months, and report on any emerging trends.”
Used Petrol sold volume:
| May 2024 | 175,897 |
| June 2024 | 170,813 |
| July 2024 | 179,603 |
| August 2024 | 188,624 |
| September 2024 | 185,029 |
| October 2024 | 190,320 |
Used EV sold volume:
| May 2024 | 12,889 |
| June 2024 | 13,421 |
| July 2024 | 13,939 |
| August 2024 | 15,082 |
| September 2024 | 14,839 |
| October 2024 | 13,405 |
ENDS
About Marketcheck UK:
We are the best source of UK automotive data. We collate, enhance and manage more data on the UK used car sector than any other provider.
For any automotive businesses we bring unprecedented access to live data to power apps, populate reports and get insight into the UK used car market.
We track over 650,000 cars and 11500 dealers across 16k locations daily and match the data against the DVLA, SMMT and other data sources for normalisation and accuracy.
Contact:
Alistair Harrison
07498 217705
[email protected]