Electric vehicles (EV) are the UK’s fastest-selling used cars, according to market data analysed by Cap HPI – taking an average of just 39 days to leave car dealers’ forecourts.
The automotive pricing and sales data specialist found that pure electric vehicles were the most in-demand products currently on the market, selling an average of five days faster than a petrol hybrid, six days faster than a diesel car, nine days faster than a petrol car and 14 days faster than a diesel hybrid.
The average selling price of a pure EV is £19,000, meanwhile - £3,000 more than the average diesel vehicle and £7,000 more than petrol.
Chris Plumb, senior valuations editor at Cap HPI, said: “It is clear retail demand is building in the new and used market for electric vehicles.
“We have seen values strengthen throughout 2019, and it’s clear they provide a profitable stock choice for dealers.”
In November Cap HPI highlighted the development of a two-speed market for battery electric vehicles with values for models under £17,000 at one year and 10,000-miles having strengthened over the last 24 months while premium BEVs weakened.
Cap HPI’s data showed that models, including the Citroen C-Zero (11-19) and Peugeot iON (11-19) have seen residual values improve over the last two years.
In November 2017 a one-year-old/10,000-mile Citreon C-Zero was worth around £6,000, and today a similar example is valued at over £11,000, it said.
Premium EVs remains a challenge due to the high cost new, which translates to the vehicle looking expensive when entering the used market, however.
Cap HPI said that models such as Jaguar I-Pace (18-), Audi E-Tron (18-) and Tesla Model X (16-19) have all seen values reduce over the past few months.
Earlier this month Auto Trader revealed that the Renault Zoe hatchback had dominated its fastest-selling cars rankings in 2019.
The affordable French EV claimed the top two places across the full-year, in 2015 and 2016 specifications, with the older example topping the pile – leaving car retailers’ forecourts in an average of 21 days. Its 2016 counterpart sold in an average of 23 days.
Plumb said: “We expect 2020 to be a big year for new registrations of electric vehicles and the used market will continue to mature as the roll-out of charging infrastructure and increased battery ranges accelerate the adoption of these vehicles.”
Data published by the Society of Motor Manufacturers and Traders (SMMT) has already the highlighted the acceleration in the registration of new EVs in recent months.
In November registrations of battery electric vehicles (BEV) in the UK surged by 228.8%, with 4,652 registered, while the markets for plug-in hybrids and hybrids also rose by 34.8% and 15%, respectively, meaning that greater volumes of AFVs will inevitably begin to reach the used car market.