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Home » Analysis » Used EV car market » UK Weekly Used Electric Car Market Data – 27th January 2024

UK Weekly Used Electric Car Market Data – 27th January 2024

Key points

  • EVs remain faster-selling cars than ICE – with the average Days on the Market being 16 days less than the average ICE sales across our dealer stock database.
  • This week’s key indicator was that the number of adverts with an INCREASING price doubled from 1,563 to 3,702. Are EV values now stabilising/moving up as DoM remains quicker than ICE?
  • Total dealers and rooftops in the electric car industry observed a slight growth from 4,115 to 4,134 and 7,192 to 7,245, respectively, within one week (20th January 2024 to 27th January 2024).
  • The average length of a car stays in the market decreased by a day to 75 days while the average price of listing dropped slightly by £94 within the same period.
  • Most electric cars are listed in the £10,001-£20,000 and £20,001-£30,000 price bands, with slight fluctuations over the one week period.
  • Price revisions showed an increase in advert prices and a decrease in price reductions compared to the previous week.

Total Market Analysis

The total dealer count increased marginally from 4,115 to 4,134 within the week of 20th to 27th January 2024. Likewise, the total rooftop count also rose slightly from 7,192 to 7,245.

Days on Market (DoM) Average

The average Days on the Market (DoM) for electric cars reduced slightly from 76 to 75 days, suggesting a minor improvement in the speed of car sales.

Breakdown of Listings by Price Bands

Electric cars were found most frequently in the £10,001-£20,000 and £20,001-£30,000 price bands. The rest of the bands saw minor fluctuations in their volumes during the week.

Breakdown of listings by price bands

Number of Dealers by Advert Volumes

The majority of dealers operate with less than 100 adverts, a trend that remained consistent over the week. Other dealer categories experienced minor changes in their volumes.

Number of dealers by advert volumes

Analysis of Top 100 Dealers by Volume

The stock volumes for top 100 dealers by volume marginally increased from 38,620 to 38,684 while average price decreased slightly from £28,409 to £28,223. The average DoM improved from 63 to 62 days.

Analysis of top 100 dealers by volume

Price revision data – changes to advert prices

Within the week, increases in advert prices rose significantly from 1,563 to 3,702. Meanwhile, price reductions declined slightly from 13,688 to 12,419.

Conclusion

The electric cars market witnessed minor changes within the analyzed week. Notably, more price revisions leaned towards increases and DoM showed slight improvement.