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Used EV demand increasing, Indicata reports

Date: 20 September 2022   |   Author: Sean Keywood

Sales of used EVs accelerated in August despite a softening of the overall UK used market, according to analyst Indicata.

It said sales of EVs were up by 53.3% month-on-month from July, with only a shortage of the right type of stock preventing sales from growing even further.

However, despite the EV sales growth, dealer stock turn fell in August due to a shortage, while some buyers are said to have delayed a move to zero emissions while the cost of living continues to rise.

Sales of hybrids also rose during August, with stock supply said to have benefited from strong new car registrations before the Covid-19 pandemic.

Overall used market stock levels fell by 6.4% between early August and September, but remain 8% higher than during the same period in 2021.

UK used car price inflation fell by 0.3% during the month, with the market remaining the only one in Europe to have seen a fall in used car prices in 2022 by a total of 3.6%.

Indicata UK group sales director Jon Mitchell said: "The used market is at a crossroads currently as the summer holidays are over and the trade is waiting to gauge consumer demand in the run up to Christmas. 

"The restricted used car stocks and new car supplies are not going to change anytime soon. Dealers will need to be in tune with the used market on a daily basis to see how it shapes up over the coming months."



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