USED Battery Electric Vehicles (BEVs) are selling as fast as petrol and diesel cars for the first time according to the latest INDICATA Market Watch report.
The demand for BEVs continues to gather strong momentum with used BEV sales in April 68% higher year-on-year.
Meanwhile, the UK remains the only country in Europe where used prices are falling. From April to the beginning of May 2022 prices fell by a further 1.4% which are now 0.1 percentage points lower than the start of January.
Further evidence of how fast the used EV market acceptance is growing was the Kia Niro topping INDICATA’s fastest-selling table in April with the Hyundai IONIQ in third place. Stock turn of the Niro and the IONIQ were 14x and 12x with just 26.6 days and 30.1 days of supply of the respective cars available in the market at the end of April.
However, used BEVs have been in such high demand in 2022 that stock availability in April fell by 36% year-on-year.
Total used car sales for April were 1.2% up on the previous month but 16.2% lower than in April 2021 with the semiconductor crisis continuing to create havoc with the usual used car seasonal sales patterns over the past two years.
Jon Mitchell, INDICATA UK’s group sales director, said: “BEVs are in such high demand that stock levels have fallen dramatically over the past few months. We have really noticed a step change in demand since the beginning of the year. Prices are consistently high with our regular alternative fuel auction for Arval continuing to create strong bids. However, overall average prices have settled down and are back to the levels they started the year at.”
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