THE demand for used EVs is continuing to grow, reports Indicata, part of Autorola, a leading European online remarketing company.
The greater demand for EVs must be set against softening of the UK market from August, Indicata added.
Despite the EV sales growth dealer stock turn fell in August due to a shortage while some buyers have delayed a move to EVs while the cost of living continues to rise, the report adds.
Other insights from Indicata include:
- Hybrid sales rose during August
- Overall used market stock levels fell by 6.4% between early August and September but remain 8.0% higher than for the same period in 2022
- UK price inflation fell by 0.3% and remains the only European market to experience a fall in used car prices in 2022 by a total of -3.6%. Indicata added that prices have fallen for eight consecutive months although there are early signs prices are starting to slow down in mainland Europe.
The used market is at a crossroads currently as the summer holidays are over and the trade is waiting to gauge consumer demand in the run up to Christmas. The restricted used car stocks and new car supplies are not going to change anytime soon. Dealers will need to be in tune with the used market on a daily basis to see how it shapes up over the coming months.
Automotive and fleet writer for Broker News
