Electric vehicles (EVs) continue to dominate the UK used car market, reaching excellent first-time conversion rates and strong CAP performance. According to the latest reporting, EV sales continued to soar, reaching record levels in August. They surpassed the next best alternative fuel type despite the industry’s ongoing issues with used EV values. The EV market continues to display striking market strength, as evidenced by the stickiness of used car prices. Even with the recent average used car price downturn in July, that trend is still very much intact.
As of July, the typical used car went for £7,677 ($10,313), a jump of 80 percent from July 2019. This was a 0.9% drop from June. Even with this minor dip, BCA has pointed out the continued strength in used car values overall, including for EVs. It’s hard to overstate how well EVs keep their value, according to the data. They tend to attract a deep well of buyers, which further bolsters their competitive advantage.
EVs Show Strong Market Performance
According to BCA, EVs are experiencing the strongest first-time conversion rate. Beyond that, they show the highest CAP performance in monthly and live judging. Meaning that when these vehicles are put in front of on-the-fence consumers, they tend to fly off the shelf and rake in some pretty high margins. EVs are making their case on their own merits already in the market. Their continued ability to hold value testifies to the growing acceptance by consumers.
BCA’s inventory levels #1 are very healthy for this time of year, ahead of the summer shipping season. Given we now sell more than 1,000 used EVs a week it is hard to ascribe strong price performance in this sector to supply pressures,” commented Stuart Pearson. He attracted attention to the fact that many of the motor trade buyers understand the value and profit potential of EVs. This award only deepens as consumer acceptance gains positive momentum.
Live pricing for a typical three-year-old vehicle with 60K miles has been significantly revised in the last month. This move acknowledges the incredible market demand for electric vehicles (EVs). These types of changes reflect an increasing faith in the durability, legacy and popularity these vehicles will have long term, forking over cash to prove their staying power.
Strategic Selling Techniques Enhance Success
In order to get the most return on each sale, BCA’s analysis highlights the need for pre-sale EV preparation to be prioritized. You take us into the cars, showing us their cosmetic interior and exterior details, along with the mechanical condition of the vehicles. On top of that, you check their battery health. In addition, pairing this data with real-time pricing intelligence is paramount to informed decision-making.
Industry experts agree that it’s critical to show these vehicles to the largest, most engaged buyer audience possible. It’s important to them that, when delivered through the appropriate channels and at a strategic time, first-time entries and purchases become more successful. This tactful strategy is working—EVs are the hottest product in the market and selling at a very high profitability per vehicle sold.
Solid pricing strategies have been major factors in the fortuitous arrival of EVs in the used market. Savvy marketing tactics have cranked up their appeal. If the market will have electric vehicles the moment more buyers want them, they should be represented in dealerships.
Resilience Amidst Industry Apprehensions
Despite fears from the industry over the depreciation of used EVs, BCA’s results show that the market is still robust. The encouraging trends in monthly sales and EV-only conversion rates show that consumers are increasingly looking towards electric mobility as the future.
As electric vehicles reach mass adoption, their effect on the used car market will only become more pronounced. Between continual progress in technology and infrastructure, we truly stand on the precipice of an exciting new era for EVs.