Skip to content
Home » Analysis » Market Analysis » UK Weekly Used Electric Car Market Data – 30th March 2024

UK Weekly Used Electric Car Market Data – 30th March 2024

Introduction

The UK’s electric car market is evolving rapidly, and keeping abreast of the latest trends is essential for dealerships looking to capitalise on this burgeoning sector. This week’s data offers invaluable insights into price trends, dealer activities, and the market’s overall trajectory, enabling UK automotive dealers to make informed decisions.

Market Overview

The latest data, ending 30th March 2024, reveals a slight dip in total electric listings from 123,557 to 123,191 week-over-week, with total electric car rooftops holding steady. This slight variation suggests a dynamic market where dealers need to remain agile.

The average price of electric vehicles (EVs) has seen a modest increase from £27,871 to £27,930. Such insights are crucial for dealers to adjust their pricing strategies in a competitive market.

Analysis of Price Bands

The data shows an increase in the volume of electric cars in the £0-10K and £10-20K price bands, indicating a growing market for more affordable electric vehicles. Conversely, the upper price bands have seen a slight decrease, suggesting a shift in consumer preference towards more economical options.

Electric car market data graph showing breakdown of electric car listings by price bands

Dealership Inventory Dynamics

Most dealers hold electric inventories in the 0-100 and 101-250 bands, with significant stock volumes at the top 100 dealers. This concentration suggests that larger dealers are capitalising on the electric car market’s potential, maintaining a diverse range of options for consumers.

Electric car market data graph showing number of electric car dealers by advert volumes

Top 100 Dealers vs. Others

The top 100 dealers have a lower average ‘days on market’ for electric cars compared to other dealers, indicating efficient sales strategies and higher demand within their inventories. Their average price is also higher, suggesting a focus on premium electric models.

Electric car market data graph of electric car market by the top 100 dealers

Market Penetration and Consumer Preferences

Electric vehicles now account for 11.76% of the total market share, a slight increase from the previous week, highlighting a steady growth in consumer interest towards EVs.

Understanding regional preferences and seasonal demand can further optimise inventory and marketing strategies. Dealers should consider these factors when planning their stock levels and promotional activities.

Marketcheck UK’s Role

Marketcheck UK provides the data that underpins these insights, offering a comprehensive view of the UK’s used car market through advanced tools and analytics. By leveraging this data, dealers can refine their strategies, better meet consumer demand, and ultimately enhance profitability.

Conclusion

In conclusion, the small changes in dealers, DoM, listing prices, and price revisions indicate a fairly stable electric vehicle market within the studied period. However, the data also highlight significant opportunities, especially for dealers willing to run higher volume advertisements.