Auto Dealer reveals quickest promoting used automobiles in July

The Mercedes-Benz GLB was the quickest promoting used automotive in July on Auto Dealer, taking simply 12 days to promote.

Though it’s greater than two weeks earlier than the nationwide common, because of the robust underlying well being of the used automotive market, second-hand automobiles have been promoting in simply 29 days final month, which is a day sooner than in June, and 4 sooner than in July 2023 (33 days).

It was a very robust month for low-emission automobiles, which accounted for 60% of the UK’s high 10 quickest sellers, together with 5 hybrid fashions and one absolutely electrical automotive, the Volkswagen ID.4 (5-10 years), which on common offered inside only a fortnight.

Extra broadly, together with petrol automobiles, the typical used EV took 28 days to promote final month, making them the quickest promoting gasoline sorts.

It marks the quickest fee through which used EVs have offered in eight months, however a extra granular view of the information reveals that 3-5-year-old electrical fashions are promoting at a good better tempo. 

The truth is, EVs of this age cohort are at present promoting sooner than another section of the market, taking simply 23 days to promote, practically per week sooner than the nationwide common.

In distinction, petrol and diesel automobiles of the identical age, are each taking a median of 28 days to shift.

This speedy velocity of sale for these ‘center aged’ electrical automobiles, is mirrored within the stage of shopper engagement on Auto Dealer.

Final month, demand for used electrical automobiles of all ages was up 43% year-on-year (YoY).

Nonetheless, for these aged 3-5-years-old, it rocketed 138% on July 2023, which is the very best stage of progress of any car sort.

As all the time, Auto Dealer’s information reveals a nuanced used automotive market.

Certainly, on the reverse finish of the dimensions, ‘practically new’ electrical automobiles, these aged lower than a yr outdated, are lingering on forecourts longer than another section of the used automotive market, taking a median of fifty days to promote: greater than twice so long as their older counterparts.

Disparity right down to affordability

The disparity is essentially because of affordability.

Auto Dealer’s pricing information, which relies on over 800,000 every day pricing observations throughout the retail market, signifies that the typical worth of a used 3-5-year-old electrical automotive value a median of £18,964 in July, which is sort of the identical worth as a used petrol automotive of the identical age (£18,076).

In distinction, a ‘practically new’ electrical automotive value £37,878 on common in July, which is greater than £10,000 above the typical worth of a one-year-old petrol automotive (£27,397).  

When assessing the total scope of the retail market, it’s not simply center aged EVs which are streaking forward. Certainly, used automobiles aged between 3–5-years-old are promoting inside 27 days, sooner than another age cohort.

That is additionally mirrored in July’s high 10, with six of the quickest sellers aged inside this bracket.

Conversely, the age group at present lingering on forecourts the longest are these aged over 10-years-old, with these extra mature motors taking over common 34 days to shift.

Richard Walker, Auto Dealer’s information & insights director, stated: “The speedy tempo at which used automobiles are promoting is a reassuring signal of the underlying well being of the used automotive market.

“In addition to revealing the robust shopper curiosity for the extra reasonably priced middle-aged EVs, our information highlights simply how nuanced the used automotive market is, notably the nonetheless maturing electrical market.

“The months forward look promising, however as ever, provide and demand dynamics will proceed to shift, so a mix of intuition and perception will probably be required to navigate a steady, however quick paced market.” 

Quickest promoting used automobiles in July (all gasoline sorts)