The supply of used EVs in the UK has fallen by 59.1% in the space of 100 days in 2023, thanks to a reduction in prices, according to INDICATA UK’s Market Watch report.

Its latest report shows how the Market Days’ Supply of EVs fell from 169 to just 69 days between 1 January and early April fuelled by a 19.9 percentage point fall in prices during that period.

In March EVs accounted for 2.96% of the used market, which was their highest-ever share. This is extremely encouraging news for fleets and dealers as a fall in prices has translated into higher demand and sales and is a step in the right direction, according to INDICATA UK’s group sales director Jon Mitchell.

“The fall in used EV prices has certainly breathed life into the market and has helped fleets and dealers shift some ageing stock. Dealers are prepared to buy used EVs now that prices have fallen as they represent less of a financial risk for their businesses.

“The used EV market is moving which is good news just as fresh supplies of de-fleeted cars and part exchanges arrive in the market following the March plate change,” he added.

Despite the encouraging fall in market supply, EVs remain the slowing-selling used power train type. Its 69 days of supply in the market compares with petrol (40 days), diesel (43 days) and hybrid (49 days). This suggests a further fall in prices could be needed to fuel demand, especially on the newer more expensive used EVs.

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Ironically the fastest-selling used car in the UK during March was the all-electric Mercedes EQC, followed by the Dacia Duster and Kia Sportage. The top-selling used car in the same period remained the Ford Fiesta followed by the VW Golf and Mercedes A-Class.

“The fastest-selling used car typically changes each month depending on current consumer demand, but the top-selling table remains very static with the Fiesta, Golf, A Class and Nissan Qashqai all taking turns to secure the top three spaces,” said Mitchell.