Marketcheck has analysed the current state of the used EV car market from January 2024 to May 2024, revealing significant trends and opportunities for both buyers and dealers.

The stock of used EVs available has grown from 31,297 in January to 37,334 in May. Monthly sales have also risen, from 10,135 to 12,889 this year, indicating sustained interest in electric vehicles which could be because prices are soft despite no tax breaks to private buyers, with prices dropping by over £1,600.

The average sale price in January was £26,535, which decreased to £24,857 by May, a reduction of £1,678

During the same period, the average stock days on market have seen a slight adjustment, reflecting the market’s response to changing prices. The average days on market decreased from 126.46 days in January to 97.65 in May.

Alastair Campbell, Marketcheck UK said: “Our analysis underscores the fact that while days on market are slower than ICE and Hybrid they are consistently dropping as more used EVs hit the market at lower average prices. The increased availability and more competitive pricing of used EVs offer great opportunities for buyers looking to make the switch to electric. Our research highlights that this inflexion point is good for buyers which is an opportunity for dealers in the used EV market.”