This analysis delves into the data surrounding the UK used car market, particularly focusing on combustion engine vehicles (ICE) and the increasingly significant electric used car market (EV).
The Rise of Electric in the UK Used Car Market
The electric used car market has been evolving steadily for some time now, marking a change in consumer buying patterns. As the week of 17-24 May comes to an end, let’s look at the key statistics that define this week.
For the week ending 24th May, the total of 96,948 used electric vehicles (EV) were listed by 4,763 dealers in the market, marking a 15.72% share of total cars listings in the market. The average price of these EVs was notably higher at ~£26,375 against the average ICE price of ~£18,669.
This graph shows the breakdown of EV listings by price bands. The most listings were seen in the £10,000 – £20,000 range and closely followed by vehicles in the £20,000 – £30,000 bracket. Notably, listings above £50,000 were a small fraction of the EV market.
Diving into the ICE Market
The week witnessed a total of 616,862 used ICE cars listed by 10,728 dealers in the UK.
Inspecting the ICE vehicle price bands, it can be seen that most cars fall within the £10,000 – £20,000 range, similar to the EV market. Interestingly, the average price of listed ICE cars was noticeably lower than that of EVs.
Dealer Volume Analysis
Analysing the dealership volume can further clarify trends in the used car market.
For EVs, a high majority of dealers listed between 0-100 vehicles. This is indicative of the emerging nature of this market, yet to match the depth and spread of the ICE market.
Contrarily, the ICE vehicle market shows a more balanced distribution of listing volumes. The ICE market reflects a variety of dealerships of different capacities.
Top 100 Dealers: An ICE vs EV Comparison
For EVs, the top 100 dealers accounted for almost a quarter of the total EV listings – boasting an average vehicle price just above the market average.
For ICE vehicles, top 100 dealers accounted for a slightly smaller percentage of total listings. Equally here, dealers were able to command a higher price than the market average.
These insights paint a picture of a transforming UK used car market. Where ICE vehicles once dominated, EVs are now gaining ground, thanks to progressively more cost-effective choices and increasingly attainable prices. With significant consumer shift towards more sustainable motorisation, the market is set for interesting times ahead.