The demand for expensive used BEVs in the UK has stalled due to the cost-of-living crisis according to the latest INDICATA Market Watch used car insights report.
BEVs have moved from being the fastest-selling fuel type in August to the slowest-selling in September as the market turned to buying cheaper used petrol and diesel cars.
Where motorists want a cheaper low emission alternative to an EV in September, they quickly turned to hybrids with sales up 6.0% and stock turn on par with petrols and diesels.
Average used car prices increased in September by -0.4% for the first time in 2022 as buyers returned to the market post their summer holidays. However, used prices remain -3.5% down year to date with the UK the only country in Europe still to report a price fall in 2022.
The top-three selling used cars table comprises the Ford Fiesta followed closely by the VW Golf and VW Polo, while the fastest-selling used car continues its monthly pattern of changing. Skoda’s Kodiaq topped the September table.
“Our September report shows just how quickly consumer demand can change. Used car buyers couldn’t justify the price premium of used EVs in September and it will be interesting to see if this trend continues as the cost-of-living rises,” explained Jon Mitchell, INDICATA UK’s group sales director.
“The used market remains in a strong position where demand exceeds supply and prices have risen again for the first time in nine months. This looks set to continue until if and when new car production levels start to rise again,” he added.
