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Home » Analysis » Market Analysis » UK Weekly Used Electric Car Market Data – 3rd February 2024

UK Weekly Used Electric Car Market Data – 3rd February 2024

Summary

The UK Weekly Used Electric Car Market Data report for 3rd February 2024 provides insights into the stability and slight changes in the UK’s electric vehicle market. Key points include a consistent dealer count with a minor decrease, slight growth in electric car listings in certain price bands, a decrease in the average Days on Market (DoM) suggesting faster turnover, and an increase in price revisions leaning towards decreases. The report highlights the market’s stability, increased interest in electric vehicles, competitive pricing, and a trend towards making electric cars more affordable and desirable for buyers.

Key Points

  • The total number of dealers was fairly consistent, with a slight decrease observed from 4,134 to 4,133 between 27th January and 3rd February 2024.
  • The number of listings for electric cars in price bands under £10k and over £20k has seen slight growth over the considered period.
  • Days on Market (DoM) Average indicates a decrease, suggesting a quicker turnover of electric cars in the market.
  • The dealers with less than 100 and 101-250 advert volumes saw slight increase, possibly attributing to the growing market competitiveness.
  • Price revision data shows more decrease (13,270 from 12,419) in advert prices than increase (2,180 from 3,702).

Total Market Analysis

The total dealers and rooftops showed a slight decrease from 4,134 to 4,133 and 7,245 to 7,238 respectively, indicating market stability. The total advert numbers saw an increase from 113,433 to 114,410 indicating an increasing interest in electric vehicles.

Days on Market (DoM) Average

The average number of Days on Market for electric cars reduced to 74 days from 75 days indicating higher demand.

Breakdown of Listings by Price Bands

UK used electric car market breakdown of listings by price bands chart

The majority of listings were found in the £10k-£20k and £20k-£30k brackets, suggesting electric vehicles are becoming more affordable.

Number of Dealers by Advert Volumes

UK used electric car market number of dealers by advert volumes chart

An upward trend was observed in dealers with less than 100 and 101-250 adverts, while other categories observed stability in the period.

Analysis of Top 100 Dealers by Volume

The stock volume has seen a slight increase from 38,684 to 39,093. The average price showed a decrease from £28,223 to £28,119, likely making purchases more enticing.

UK used electric car market top 100 dealers by volume chart

Price revision data – changes to advert prices

There were more decreases than increases in advert prices over the period, likely due to the increasing competitiveness of the electric car market.

Conclusion

The electric cars market size remains stable with increased advert numbers and faster DoM average. The competitive pricing and the growing number of adverts indicate a positive growth trend in this sector. The fact that more prices are decreasing than increasing shows a price war, making this a buyer’s market.