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Daily Mail
5 days ago
- Automotive
- Daily Mail
Used EVs selling faster than petrol car alternatives as prices plummet
Used car buyers have been taking advantage of plunging electric vehicle prices and snapping up second-hand examples in record time, according to a new report. In July, a used EV is claimed to be selling on Auto Trader in an average of 28 days after first being advertised - that's a day quicker than the market average across all fuel types and four days faster than EVs were shifted a year ago. The online sales platform says interest in second-hand EVs has accelerated in the last week - since the Government announced the reintroduction of an Electric Car Grant (ECG) to discount the price of some new models. With used electric vehicle prices already tumbling as a direct result of manufacturer-driven discounts, the arrival of a taxpayer-funded scheme that further subsidises some new EVs will push second-hand prices even lower, experts have suggested . And there's one premium EV in particular that's now selling in just over a fortnight as prices have tumbled to be on par with - if not cheaper than - petrol equivalents. Tesla Model 3s between three and five years old are currently the fastest-selling used car, taking just 17 days to move on in July. That's almost two weeks faster than the average used car. A 2021 Model 3 with between 35,000 and 40,000 miles on the clock can be had on Auto Trader for less than £16,000 today. For its biggest petrol-powered equivalent, the BMW 3 Series, the cheapest petrol engined example of the same age and mileage is £22,000 or more. Underlining the huge crash in value of pre-owned EVs, three-to-five-year-old Jaguar I-Pace SUVs are the second quickest-selling motors of the month, taking just 18 days to find a buyer on average. The I-Pace, which has been subject to mainstream media criticism due to links to a number of high-profile accidents , has depreciated at such a rate that below-average-mileage are changing hands for around £14,000. It means you can pick up what was originally a £70,000 luxury motor for around the same price as a petrol supermini of the same age. Auto Trader believes the surge in consumer appetite for second-hand EVs has been fuelled, in part, by the government's ECG. It will soon be applied to some sub-£37,000 new models - granted they meet specific manufacturing sustainability criteria yet to be outlined by ministers. It says searches for used EVs under the £37k price point doubled within a day of the announcement. 'The used market will be key to unlocking mainstream adoption, and with a clear electric strategy in place, all retailers should be able to capitalise on the broader opportunity the grant offers,' the only marketplace said. Marc Palmer, head of strategy and insight at Auto Trader, added: 'The clear spike in electric vehicle demand this month is encouraging - whenever EVs make headlines, we consistently see a boost in consumer interest not only for new cars, but in the used EV market as well.' Other EVs to make July's list of fastest-selling used motors are the Hyundai Kona EV and Volkswagen ID.3. Again, this is based on examples between three and five years old. They are selling in 20 and 21 days respectively. Only in-demand petrol-engined compact crossovers including the Nissan Juke and Ford Puma are selling quicker than this. Ian Plummer, the company's commercial director, commented: 'Pricing data shows a significant gap between new EVs and two–to-three-year-old cars as market forces have caused used EVs to match petrol and diesel alternatives to attract buyers. 'While the Electric Car Grant may boost new EV sales, used EVs remain appealing due to their affordability and it's unlikely the grant will either heavily or immediately impact used EV pricing and residual values. 'It was encouraging to see a strong surge of interest in new EVs on Auto Trader immediately post the grant launch, and some of this positivity also flowed into used EVs, as we know the majority of those considering electric will shop both new and used cars.' As for the slowest-selling used motors, no EVs made the top 10 order. The most sluggish of all is something of a shock - the Volkswagen Polo, a supermini that's traditionally very popular in Britain. Year-old examples, which are holding their value well and therefore appear pricey against other options, are taking an average of 50 days - almost two months - to move on, Auto Trader said. Shortly after Transport Secretary Heidi Alexander last Monday unveiled Labour's new ECG, industry experts claim it will be a major drain on public spending that will cause used EV prices to plummet. Philip Nothard, insight director at analysts Cox Automotive told us: 'Heavy discounts on new EVs have already dampened demand for nearly new models available in the used car market. 'While driving down the cost of new vehicles will undoubtedly increase the EV adoption in the new market, these incentives fail to recognise the impact they will have on the used market.' Nothard says the grant now threatens to increase depreciation of electric cars up to two years old. 'The used market is a crucial source of profitability for the automotive sector, so the strength and consistency of the industry is crucial to the success of the government's net zero ambitions,' he said. 'To ensure this, the government needs to consider more support for the used EV sector to put the brakes on the rapid pace of depreciation.' British Vehicle Rental and Leasing Association chief executive Toby Poston also warned that further stimulating new EV registrations without supporting the used market 'risks creating an even greater supply-and-demand imbalance, putting even more pressure on fast deflating second-hand values'. What is the Electric Car Grant? The Electric Car Grant is the Government's new big hope to drive sales of EVs in the run-up to the end of the decade as it continues to steer towards outlawing the availability of new petrol and diesel cars from 2030. It arrives three years after the previous Tory administration prematurely scrapped its Plug-in Car Grant (PiCG) . Transport Secretary Heidi Alexander confirmed the ECG's availability on Monday 15 July, stating: 'The EV grant will not only allow people to keep more of their hard-earned money - it'll help our automotive sector seize one of the biggest opportunities of the 21st century.' Only cars up to £37,000 qualify for the grant, which rules out premium models, including every Tesla on sale. No Audi, BMW or Mercedes EV will be eligible either. Some 50 existing models are technically eligible for the grants solely based on their starting price. We've listed these below. Manufacturers must apply to be eligible for the scheme with their sub-£37,000 cars on a 'first come, first served' basis. This means that motorists will not need to fill in any additional paperwork to receive the grant, with all administration handled by the car maker, dealership, and the Government. But because manufacturers must apply for the scheme, the Department for Transport has told us that we are unlikely to see an initial list of eligible EVs until the first two weeks of August. The new scheme uses a two-tier system based on 'sustainability criteria' to determine the size of the subsidy provided. Only the greenest models - considered 'band one' - receiving the full £3,750 amount. Band two cars with a lower eco rating will be eligible for a reduced amount as low as £1,500. Bands are determined by each maker's Science-Based Target (SBT) - an industry-wide scheme, with manufacturers needing to meet carbon scores below a specific criterion to achieve the highest green standard. Volkswagen and Renault Group have both confirmed they are signed up with the SBT scheme. ECG bands - which could later expand beyond two tiers - will be determined by how much CO2 is emitted in an EV's production, assessing the energy used during assembly as well as battery manufacturing. An overall SBT score is weighted 70 per cent for the CO2 produced during battery manufacturing and 30 per cent for vehicle assembly emissions. Threshold levels to achieve the full £3,750 discount or the lower banded £1,500 have yet to be made public. However, vehicles that don't meet a minimum level will not receive a grant at all. This could be bad news for Chinese EV makers , which currently offer some of the most competitive prices but could fall foul of the emissions-based rules. Speaking on the BBC's Today programme last week, Transport Minister Lilian Greenwood said she did not expect any cars that are produced in China to be eligible. 'The grant is restricted to those manufacturers that reach minimum environmental standards,' she said. 'And, frankly, if you generate a lot of the electricity that powers your factory through coal power stations, then you are not going to be able to access this grant.' According to The Telegraph, the Chinese embassy has hit hack and the scheme's stringent requirements. It has called on the UK to follow World Trade Organisation (WTO) rules and create a 'non-discriminatory environment for investment'. WTO rules stipulate that members must not give favourable treatment to one country over another when it comes to trading goods and services. An embassy spokesperson added: 'The Chinese side is closely following the situation and will resolutely safeguard the legitimate rights and interests of Chinese companies.'
The Irish Sun
28-06-2025
- Automotive
- The Irish Sun
Britain's fastest-selling used cars revealed as ‘cheap yet very well equipped' SUV tops the charts
THE UK'S fastest selling car of the month has been revealed by Auto Trader. Taking an average of just 15 days to sell in June, the 1 The MG HS (petrol, 1 year) is an SUV which came out as the most sold car in June Credit: Alamy Additionally, the average SUV has been selling at an average of 29 days. Marc Palmer, Head of Strategy and Insight at Auto Trader said: 'Car buyers are still attracted by great value, which the HS offers in spades, and the fact it's selling a fortnight faster than the national average highlights just how popular it is. Sales of Palmer added: 'The speed at which used cars sell is an accurate barometer of the strength of the used car market and our data suggests it remains in very robust health as we enter the summer months, as reflected in May's record 86.3 million site visits. Read More Motors News 'As ever, there's huge nuance in the market, so I'd really encourage retailers to analyse the data and insights available to help spot the most profitable stock for your forecourt.' The They have both taken around 28 days to sell. On top of that, petrol cars make up the greatest proportion of "hottest" models in the UK. Most read in Motors It has been the fastest selling fuel type overall, taking around 28 days. Iconic motors roar into London from rare 90s Bugatti to £60k Capri Electric vehicles are still lagging behind these slightly, at an average of 32 days. Used EV, however, have sold at a faster rate by three days when compared to this time last month, which was at 35 days. This reflects broad trends, with Brits favouring cars more than a year old. The e 5-10 year old cars have been shifting the quickest, selling in 27 days. June's top 10 fastest selling used cars MG MG HS – Body type: SUV; Fuel Type: Petrol; Age Cohort: Up to 1 Year; Avg. Days to Sell: 15 Vauxhall Corsa – Body type: Hatchback; Fuel Type: Petrol; Age Cohort: Up to 1 Year; Avg. Days to Sell: 16 Volkswagen Golf – Body type: Hatchback; Fuel Type: Petrol; Age Cohort: Up to 1 Year; Avg. Days to Sell: 16.6 Audi A3 – Body type: Hatchback; Fuel Type: Petrol Plug-in Hybrid; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 18 Mazda CX-5 – Body type: SUV; Fuel Type: Diesel; Age Cohort: 5 to 10 Years; Avg. Days to Sell: 19 Vauxhall Crossland X – Body type: SUV; Fuel Type: Petrol; Age Cohort: 5 to 10 Years; Avg. Days to Sell: 19.5 Skoda Fabia – Body type: Hatchback; Fuel Type: Petrol; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 20 BMW 3 Series – Body type: Saloon; Fuel Type: Petrol Plug-in Hybrid; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 20 Hyundai TUCSON – Body type: SUV; Fuel Type: Petrol; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 20.5 Volvo XC40 – Body type: SUV; Fuel Type: Petrol Plug-in Hybrid; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 20.5 The data from Auto Trader shows that more than half (60 per cent) of the top ten fastest selling cars are SUVs. These include the This may be due to rising temperatures in recent weeks, where they sold four days faster than in May at an average of 32 days. They also took a week faster than June last year, at 35 days.
The Sun
28-06-2025
- Automotive
- The Sun
Britain's fastest-selling used cars revealed as ‘cheap yet very well equipped' SUV tops the charts
THE UK'S fastest selling car of the month has been revealed by Auto Trader. Taking an average of just 15 days to sell in June, the MG HS sold two weeks faster than the average car in the country. 1 Additionally, the average SUV has been selling at an average of 29 days. Marc Palmer, Head of Strategy and Insight at Auto Trader said: 'Car buyers are still attracted by great value, which the HS offers in spades, and the fact it's selling a fortnight faster than the national average highlights just how popular it is. Sales of used cars have also seen an increase, at 29 days which is a day faster than June last year, and two days faster than the same period in 2023. Palmer added: 'The speed at which used cars sell is an accurate barometer of the strength of the used car market and our data suggests it remains in very robust health as we enter the summer months, as reflected in May's record 86.3 million site visits. 'As ever, there's huge nuance in the market, so I'd really encourage retailers to analyse the data and insights available to help spot the most profitable stock for your forecourt.' The fastest selling body type of cars were hatchbacks, which accounted for 50 per cent of the top ten sales, as well as convertibles in June. They have both taken around 28 days to sell. On top of that, petrol cars make up the greatest proportion of "hottest" models in the UK. It has been the fastest selling fuel type overall, taking around 28 days. Hybrid and diesel cars follow petrol as the second most fuel types in demand, which both take 31 days to sell. Iconic motors roar into London from rare 90s Bugatti to £60k Capri Electric vehicles are still lagging behind these slightly, at an average of 32 days. Used EV, however, have sold at a faster rate by three days when compared to this time last month, which was at 35 days. This reflects broad trends, with Brits favouring cars more than a year old. "Nearly new" cars that were aged less than 12 months old were the slowest to sell overall. The e 5-10 year old cars have been shifting the quickest, selling in 27 days. June's top 10 fastest selling used cars MG MG HS – Body type: SUV; Fuel Type: Petrol; Age Cohort: Up to 1 Year; Avg. Days to Sell: 15 Vauxhall Corsa – Body type: Hatchback; Fuel Type: Petrol; Age Cohort: Up to 1 Year; Avg. Days to Sell: 16 Volkswagen Golf – Body type: Hatchback; Fuel Type: Petrol; Age Cohort: Up to 1 Year; Avg. Days to Sell: 16.6 Audi A3 – Body type: Hatchback; Fuel Type: Petrol Plug-in Hybrid; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 18 Mazda CX-5 – Body type: SUV; Fuel Type: Diesel; Age Cohort: 5 to 10 Years; Avg. Days to Sell: 19 Vauxhall Crossland X – Body type: SUV; Fuel Type: Petrol; Age Cohort: 5 to 10 Years; Avg. Days to Sell: 19.5 Skoda Fabia – Body type: Hatchback; Fuel Type: Petrol; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 20 BMW 3 Series – Body type: Saloon; Fuel Type: Petrol Plug-in Hybrid; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 20 Hyundai TUCSON – Body type: SUV; Fuel Type: Petrol; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 20.5 Volvo XC40 – Body type: SUV; Fuel Type: Petrol Plug-in Hybrid; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 20.5 The data from Auto Trader shows that more than half (60 per cent) of the top ten fastest selling cars are SUVs. These include the Mazda CX-5, Volvo XC40, Hyundai Tuscon, and Vauxhall Crossland X, which have all provided quick turnaround for dealers. Used convertibles have also seen a significant spike in demand over the month, despite no models making it into the month's top sales list. This may be due to rising temperatures in recent weeks, where they sold four days faster than in May at an average of 32 days. They also took a week faster than June last year, at 35 days.
Scottish Sun
28-06-2025
- Automotive
- Scottish Sun
Britain's fastest-selling used cars revealed as ‘cheap yet very well equipped' SUV tops the charts – see full list
The most popular car body type has also been revealed NEED FOR SPEED Britain's fastest-selling used cars revealed as 'cheap yet very well equipped' SUV tops the charts – see full list Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THE UK'S fastest selling car of the month has been revealed by Auto Trader. Taking an average of just 15 days to sell in June, the MG HS sold two weeks faster than the average car in the country. Sign up for Scottish Sun newsletter Sign up 1 The MG HS (petrol, 1 year) is an SUV which came out as the most sold car in June Credit: Alamy Additionally, the average SUV has been selling at an average of 29 days. Marc Palmer, Head of Strategy and Insight at Auto Trader said: 'Car buyers are still attracted by great value, which the HS offers in spades, and the fact it's selling a fortnight faster than the national average highlights just how popular it is. Sales of used cars have also seen an increase, at 29 days which is a day faster than June last year, and two days faster than the same period in 2023. Palmer added: 'The speed at which used cars sell is an accurate barometer of the strength of the used car market and our data suggests it remains in very robust health as we enter the summer months, as reflected in May's record 86.3 million site visits. 'As ever, there's huge nuance in the market, so I'd really encourage retailers to analyse the data and insights available to help spot the most profitable stock for your forecourt.' The fastest selling body type of cars were hatchbacks, which accounted for 50 per cent of the top ten sales, as well as convertibles in June. They have both taken around 28 days to sell. On top of that, petrol cars make up the greatest proportion of "hottest" models in the UK. It has been the fastest selling fuel type overall, taking around 28 days. Hybrid and diesel cars follow petrol as the second most fuel types in demand, which both take 31 days to sell. Iconic motors roar into London from rare 90s Bugatti to £60k Capri Electric vehicles are still lagging behind these slightly, at an average of 32 days. Used EV, however, have sold at a faster rate by three days when compared to this time last month, which was at 35 days. This reflects broad trends, with Brits favouring cars more than a year old. "Nearly new" cars that were aged less than 12 months old were the slowest to sell overall. The e 5-10 year old cars have been shifting the quickest, selling in 27 days. June's top 10 fastest selling used cars MG MG HS – Body type: SUV; Fuel Type: Petrol; Age Cohort: Up to 1 Year; Avg. Days to Sell: 15 Vauxhall Corsa – Body type: Hatchback; Fuel Type: Petrol; Age Cohort: Up to 1 Year; Avg. Days to Sell: 16 Volkswagen Golf – Body type: Hatchback; Fuel Type: Petrol; Age Cohort: Up to 1 Year; Avg. Days to Sell: 16.6 Audi A3 – Body type: Hatchback; Fuel Type: Petrol Plug-in Hybrid; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 18 Mazda CX-5 – Body type: SUV; Fuel Type: Diesel; Age Cohort: 5 to 10 Years; Avg. Days to Sell: 19 Vauxhall Crossland X – Body type: SUV; Fuel Type: Petrol; Age Cohort: 5 to 10 Years; Avg. Days to Sell: 19.5 Skoda Fabia – Body type: Hatchback; Fuel Type: Petrol; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 20 BMW 3 Series – Body type: Saloon; Fuel Type: Petrol Plug-in Hybrid; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 20 Hyundai TUCSON – Body type: SUV; Fuel Type: Petrol; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 20.5 Volvo XC40 – Body type: SUV; Fuel Type: Petrol Plug-in Hybrid; Age Cohort: 3 to 5 Years; Avg. Days to Sell: 20.5 The data from Auto Trader shows that more than half (60 per cent) of the top ten fastest selling cars are SUVs. These include the Mazda CX-5, Volvo XC40, Hyundai Tuscon, and Vauxhall Crossland X, which have all provided quick turnaround for dealers. Used convertibles have also seen a significant spike in demand over the month, despite no models making it into the month's top sales list. This may be due to rising temperatures in recent weeks, where they sold four days faster than in May at an average of 32 days. They also took a week faster than June last year, at 35 days.
Yahoo
05-05-2025
- Automotive
- Yahoo
UK used car market sees steady prices and faster sales in April: Auto Trader
The UK used car market has remained stable in April, with retail prices increasing, vehicles selling more quickly, and sales volumes rising, according to Auto Trader's latest data. The increase in used car retail prices comes despite recent economic and political challenges. Auto Trader said the average retail price of used cars rose by 1.5% from March to April, marking the strongest month-on-month growth since April 2023. April 2024 was the first time in 19 months that retail prices did not contract year-on-year, remaining flat compared with the previous year. Demand is particularly strong for vehicles aged five to ten years and those over ten years old, outpacing supply and contributing to price increases, the automotive marketplace said. The average price for five to ten-year-old cars rose by 1.5% month-on-month and 1.1% year-on-year to £13,866. Vehicles over ten years old saw a 3.3% month-on-month and 1.4% year-on-year increase, reaching £6,545. In contrast, nearly new cars, less than a year old, saw slower price growth due to higher supply levels. Prices for nearly new cars increased by 1.3% month-on-month but fell by 4.4% year-on-year. The speed of used car sales also reflects strong demand, with cars selling in an average of 27 days in April, the fastest April on record for Auto Trader. Five to ten-year-old cars sold even faster, averaging just 25 days on the market. Auto Trader reported around 82.9 million consumer visits in April, with used car sales volumes increasing by 1.3% year-on-year, despite the Easter holiday. Trade values have recovered from declines in autumn 2023 but have slowed recently, especially among younger vehicles. Retailers are gaining pricing confidence, with 33% of used cars priced above market value in April, up from 30%. Despite this confidence, Auto Trader data shows significant margin potential remains untapped. In-demand vehicles priced below market value represent £25m in missed opportunities, equating to £2,820 per retailer and £390 per vehicle. Auto Trader head of strategy and insights Marc Palmer said: 'The national media may be awash with unsettling headlines, but reassuringly, our data indicates the recent economic and political uncertainty has had little impact on used car buying demand. 'Although the overall health of the market will be welcome news to the industry, retailers continue to face challenges, with margins under increasing pressure. In today's supply-constrained and heavily nuanced market, every vehicle counts, and so I would urge our partners to scrutinise the data to not only source the right stock for your forecourt, but price it correctly and confidently to the market.' "UK used car market sees steady prices and faster sales in April: Auto Trader " was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
