Softening residual values are helping to stimulate greater demand for used electric vehicles, according to data from Auto Trader.
“Used cars are starting to reach the mainstream and that's driven by a number of things,” said Rachael Jones, Auto Trader UK director of automotive finance, on the latest Fleet News/Auto Trader Quarterly Market Insight.
“Price is softening. There's increased availability. Now there's more supply coming into market and that is giving consumers greater choice of products to choose from.
“Demand on our site for used electric vehicles was up 56% year-on-year. That feels really positive.”
Video: Fleet News editor Stephen Briers talks to Auto Trader's Ian Plummer and Rachael Jones
Supporting the evidence is the number of days electric cars are taking for dealers to sell. In the first quarter of 2023, electric vehicles were taking on average to-to-three weeks longer to sell compared to petrol and diesel. Now it’s just two-to-three days.
“It feels like we are seeing good momentum in these car markets,” Jones added.
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Bauer B2B group editor Stephen Briers has been an automotive business journalist since 1995. He has been editor of Fleet News since 2009 and before that was editor of Automotive Management for almost seven years. He now oversees both brands, as well as RAIL magazine.
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