Press Release
Demand for used EVs rise in September as the UK remains short of used cars reports Indicata
UK dealers are experiencing record levels of demand for used EVs in September according to Indicata’s latest Market Watch report.
Indicata data saw the Market Day’s Supply of EVs fall to a record low of 44 days in early September as consumers look to switch to running a zero-emission car.
Market Days’ Supply is derived from dividing the current supply of inventory by the average daily retail sales rate over the past 45 days, and a lower number signifies high demand and quick sales.
Indicata’s September sales data backed up the MDS figures with EVs gaining a market share of 8.2% of the UK used car market – a rise from 7.6% in July. Sales of other powertrains fell or remained static except for petrol where sales rose by 0.4% to 46.3%.
“Our wholesale MarketPlace used car platform has seen dealer used EV demand rise throughout the summer to cater for a growing consumer demand. It is another positive step forward for the used EV sector,” reinforced Dean Merritt, Indicata’s head of sales.
Following a relatively busy summer the UK market remains short of used cars which is a fall out from restricted new car sales in 2021 and 2022 caused by Covid. The UK’s MDS currently ranges between 43 and 49 days which is the lowest since June 2021 when the automotive industry was still reeling from the Covid epidemic.
“The industry has been looking to a strong September new car market to help kick start a growth in used car volumes. However, it looks as though it will be some time before supply fully meets demand. In the meantime, prices are likely to continue to rise,” said Merritt.
The country’s top-selling used car remains the Ford Puma followed by the Vauxhall Corsa while the fastest-selling used cars are currently all electric – the BMW i3, Tesla Model 3 and Mercedes EQB.