The market share of used EVs rose above 3.0% for the first time as sales slowly increased during April according to INDICATA’s latest Market Watch report.
INDICATA saw used EV sales rise by 0.3% in April driven by a price fall of a further 2.7% in the month. Used EVs have now fallen by 21.2% between 1st of January and the 1st of May 2023.
Used EV stock levels have moved significantly in 2023 with Market Days’ Supply (MDS) falling from 168 to 65 days. The MDS metric measures the available stock against sales at the current run rate to determine how many selling days the available stock can cover.
That compares with diesel which became the UK’s fastest-selling powertrain in April with an MDS of just 35.8 days. Petrol cars meanwhile moved into May with an MDS of 46.4 days and hybrids 52 days.
“The used EV ecosystem seems to be settling down with falling prices translating into demand and sales which is helping keep stock levels in check,” said Jon Mitchell, INDICATA’s group sales director.
“What is interesting is the renewed focus on diesel which shows there is still significant demand in a market where fuel efficiency is still a key priority. We saw diesel stock levels fall during April on the back of growing sales,” he added.
There is also evidence of new car supplies starting to improve following a healthy March plate change. In April this translated into tactical sales by OEMs and dealers of sub-12-month-old cars increasing sharply. Overall used car prices rose by 0.1% in April fuelled by strong demand for value and prestige used cars.
This was reflected in the fastest-selling used car table, which was topped by the Tesla Model 3, closely followed by the Dacia Duster and the BMW X3. The VW Golf remained the country’s top-selling used car followed by the Ford Fiesta and Mercedes-Benz A-Class.
May marks fifth consecutive month increase on used retail prices