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The proportion of stocked EVs reached an all-time high in May, according to the latest MOTORS Market View.
Analysis found that 5% of cars listed on the MOTORS platform were EVs, an increase from 3.5% in May 2023, while alternative fuelled cars accounted for 13% of advertised stock.
Lucy Tugby, marketing director of MOTORS, said: “We’re starting to see some evolving trends in the used EV sector as a result of greater numbers becoming available and falling wholesale values driving down retail prices.
“Consequently, dealers are showing more confidence in sourcing EV stock, while lower prices are opening up consideration for more buyers, as reflected by a rise in ad views in May. It’s a trend to watch but it’s still early days.
“Overall our data shows welcome signs of continued stability across the used car market as we enter the second half of the year.”
Car supermarkets more than tripled the proportion of used EVs stocked from 2% to 7% YoY and hybrids grew from 7% to 10%. Diesel dropped from a share of 35% to 27% but petrol remained consistent at 56%.
Average advertised prices of used EVs dropped to a new low of £27,241 in May, down 3% MoM and 10% YoY.
Prices and stock levels were stable in May. Prices for used EVs have been falling for eight consecutive months.
Average prices increased by just £69 (0.4%) MoM to £16,851 but were down 8% YoY from £18,435.
Stock volumes were up by just one unit MoM and YoY from 52 to 53 units (franchised dealers and car supermarkets) but independents remained unchanged at 39 units.