Nearly new EVs slower to sell than ICE counterparts

Demand for used EVs surged in 2023 as retail prices fell, making stock more affordable and electric cars more accessible to a larger audience.

That’s a key finding of The Road to 2035 report from Auto Trader, which found that 9.2% of all 0–5 year old used car enquiries were electric in 2023, up from 5.2% in the previous year, and total demand for used electric cars increased by 52%.

It said by the second half of the year, used electric cars sold faster than any other fuel type. In the final months of 2023, they sold four to five days faster than petrol and diesel cars.

But, it added, although electric cars were the overall fastest selling fuel type, speed of sale varied “massively” across age cohorts.

“In the final months of the year, three-to-five year old electric cars sold 10 to 15 days faster than petrol and diesel cars, whereas under one-year-old electric cars sold up to 10 days slower than internal combustion engine vehicles.

“The significantly slower rate at which nearly new electric cars sold is a concerning sign as supply continues to grow in 2024, potentially exerting further pressure on retail prices,” it added.