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Home » Analysis » Market Analysis » UK Weekly Used Electric Car Market Data – 2nd March 2024

UK Weekly Used Electric Car Market Data – 2nd March 2024

Introduction

Dive into a comprehensive analysis of the UK’s weekly used electric car market with our detailed report dated 2nd March 2024. This overview covers the latest trends and shifts in the pre-owned electric vehicle sector, offering insights into dealer activities, pricing fluctuations, and market dynamics. Whether you’re a buyer, seller, or industry analyst, this report provides essential data and observations to understand the evolving landscape of the UK’s electric car market.

Key Points

  • The number of total dealers decreased slightly from 4,263 to 4,254 while rooftops increased from 7,362 to 7,372 between 24th February 2024 and 2nd March 2024.
  • The average price for listings decreased from £27,913 to £27,506 while the days on market average reduced from 72 to 71.
  • The segment of electric cars priced above £50,000 saw a decline in listings, while there was a slight increase in the £10,000-£20,000 price band from 23,043 to 23,164.
  • The majority of dealers had less than 100 adverts, with marginal changes between the two time periods. For dealers with larger advert volumes, the figures remained relatively stable.
  • There was a reduction in revisions increasing advert prices from 3,885 to 3,276, however, those decreasing the price also dropped from 12,429 to 12,054.

Total Market Analysis

Between 24th February 2024 and 2nd March 2024, the electric car market saw a minor decrease in the total number of dealers from 4,263 to 4,254. Despite this slight decrease in dealers, the number of rooftops increased from 7,362 to 7,372.

Days on Market (DoM) Average

The Days on Market (DoM) Average for listings saw a small reduction from 72 to 71 days, indicating a slightly quicker turnover of electric car sales within this period.

Breakdown of Listings by Price Bands

There was a slight increase in the £10,000-£20,000 price range, while listings for electric cars over £50,000 decreased noticeably. The other price bands showed very little variation between the two periods. Used Electric Car Market breakdown of listings by bands graph

Number of Dealers by Advert Volumes

The vast majority of dealers had less than 100 adverts, with very little changes in higher-volume categories. This indicates the market is made up of a large number of smaller dealers. Used Electric Car Market no of dealers by adverts volume graph

Analysis of Top 100 Dealers by Volume

Dealers within the top 100 by volume listed an increased stock volume of 39221 to 39514 units, while the average price increased slightly from £28,118 to £28,303. The Days on Market (DoM) remained consistent at 58. Used Electric Car Market top 100 dealers graph

Price Revision Data – Changes to Advert Prices

Both price increase and decrease revisions reduced over the studied periods, with a notably larger decrease for price increases from 3,885 to 3,276.

Conclusion

The electric car market showed overall stability across the two periods, with minor changes in dealer numbers, price bands, and advert volumes. The most pronounced change was observed in the luxury price segment (> £50,000), where there was a notable decrease in the number of listings. This could be indicative of higher market saturation or changes in consumer preference.

The market is largely made of smaller dealers with lower advert volumes, hinting at potential opportunities for consolidation or targeted advertising. The reduction in both price increase and decrease revisions suggests a more settled market, with fewer dealers feeling the need to adjust their prices.