Understanding the market dynamics around used cars can be instrumental in helping businesses in the UK automotive sector stay on top of the game. This weekly report delves into the specifics of the traditional Internal Combustion Engine vehicles (ICE) and the increasingly popular Electric vehicles (EV).
Examining ICE Vehicles
For the week ending on August 2, the total number of used ICE vehicles listed by dealers was 600,559, a slight decrease from the previous week. These listings came from 10,640 dealers, slightly higher than before.
The majority of these vehicles fell within the £10,000 – £20,000 range, similar to the previous weeks. There were also significant numbers of vehicles listed in the £0 – £10,000 and £20,000 – £30,000 price ranges.
The data indicates that most dealers listed between 0-100 vehicles. This consistent trend reflects the volume of vehicles available in the market.
Looking into the performance of the top 100 dealers, they accounted for 215,478 vehicle listings for the week. The average price was slightly higher than the overall market average of £18,670.
A Closer Look at EVs
Meanwhile, the electric used car market presented a different picture. Even though the total listings did reduce to 92,625, the number of dealers grew to 4,798 this week.
The price band volume for used electric vehicles exhibited a different pattern from the ICE vehicles. Most of the listed EVs fell within the £10,000 – £20,000 bracket, and the average price was significantly higher at £26,516.
EV dealers also maintained a smaller inventory, with most dealers listing between 0-100 vehicles.
The top 100 dealers of EV cars were responsible for 57,207 listings, and their average price (~£27,302) was higher than the market average.
Comparison: ICE vs EV
Comparing the two separate markets, it becomes evident that while ICE vehicles still lead in total volume, EVs display a trend of higher average prices.
Although the total number of EVs listed is lower, the growth in the number of dealers listing EVs indicates an expanding market. This increased diversity in EV offerings serves various customer requirements and signals an anticipated market shift towards environmentally friendly options.