The ever-evolving nature of the UK’s used car market presents a complex landscape with regular shifts and miscellaneous patterns. Recognising these changes not only aids automotive dealers in refining their strategies but also helps investment companies, insurance firms, and car finance lenders and brokers to understand current market dynamics. This report analyses the most current used car market data, including a specific focus on the electric used car market segment.
Used Car Market: Internal Combustion Engines (ICE)
In the week ending September 20th, used ICE vehicles continued to dominate the automotive market. A total of 1,045,440 listings were recorded from 14,825 rooftop dealers. The average length on the market maintained a consistent average of 83 days, whilst prices slightly incremented to £18,966.
Breakdown of ICE Listings by Price Bands:
Breakdown of Dealers by ICE Advert Volume
Electric Used Car Market (EV)
Concurrently, the electric used car market recorded a total of 88,603 listings for the week ending September 20th. The listings sprung from 8,427 independent rooftops representing a marginally smaller dealership base compared to ICE listings. The typical length on the market (Days on Market) tallied at 68 days, slightly lower than its ICE counterparts, specifically underscoring the increasing consumer interest and relatively faster sales of EVs. The average price also diverged, standing distinctly higher at £26,732.
Breakdown of EV Listings by Price Bands
Breakdown of Dealers by EV Advert Volume
Comparison: ICE vs EV
The combined automotive insights from both ICE and EV markets illustrate a unique narrative. ICE cars undoubtedly remain a major part of the used car market with a considerably larger number of listings. However, their dominance is gradually being challenged by the consistent upward trajectory of EV listings.
This week provided a clear snapshot of these market variations. The average price of used EVs remained substantially higher than used ICE vehicles, demonstrating the persistent appeal of electric cars despite their relatively higher prices. The dominance of the £10,000 – £20,000 price bracket in both markets indicates the universally appealing price range for used car buyers, irrespective of vehicle type.
When it comes to dealer volumes, the disparity between ICE and EV markets was plainly noticeable, pointing towards the current formative stage of the used EV marketplace. The consistent interest and market growth in electric vehicles, however, indicates a promising future for the EV market in the UK.
