Sales of used battery-electric vehicles (BEVs) in the UK reached a new record high in early May, according to the latest Indicata UK Market Watch report.
Used BEVs accounted for 6.34% of total retail used car sales, up marginally from 6.28% last month.
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The report said that the proportion of BEVs in dealer retail stock remained at a record high of 7.5%.
The UK and Denmark are the only European countries where the balance of used BEV sales and stock is comparable.
This balance has resulted in price stability, with the UK experiencing a used BEV price fall of just 0.7% in early May, marking only the second fall in the past nine months.
In contrast, most European countries are adopting price incentives to boost BEV sales.
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By GlobalDataThe report also highlighted trends in other fuel types, with diesel vehicles making up 27.1% of used car sales in early May, a slight increase of 0.2%.
Diesel vehicles continue to represent 27.9% of dealer stock, despite new diesel car registrations accounting for just 5% of the new car market.
Indicata UK head of sales Dean Merritt said: “Every dealer, fleet or OEM that we talk to that uses our data is interested in how used BEVs are performing. At the moment is supply and demand are evenly matched, which is helping keep prices stable, which is good news for the entire industry.
“Whether prices have finally found their level yet we are still not sure, but stability is giving asset owners greater peace of mind when setting reserve prices at auction.”
Earlier this week, Percayso Vehicle Intelligence (PVI) reported that retail values for three to four-year-old cars have experienced a slight decline despite a growing supply, highlighting the UK’s resilient used car market.
Retail values for popular models in this age range with under 75,000 miles decreased by only 1.5% year to date.
PVI attributes this stability to ongoing supply shortages caused by the Covid-19 pandemic.
Stock levels for this age group have been increasing since March, yet limited availability continues to support values.
Retail valuations saw increases in January and February, with February showing the most significant gains.
However, values slipped slightly in March and dropped by an additional 1.6% in April, contributing to the overall year-to-date decline.
