The popularity of second hand EV vehicles, with EVs accounting for almost half of the biggest monthly price rises in the used car market in May, suggests the recent trend of market recovery is anything but a ‘blip’!
EVs are now among the fastest-selling used cars in the UK, as falling pices bring EVs into the reach of more buyers. Models like the MG4 are now averaging just 13 days in stock, while the Tesla Model 3 averages just 19 days to find a buyer.
Meanwhile the popular petrol Mini Countryman has topped the used car price rises, with a huge 10.7% mont-on-month price rise, against a healthy average used car market price rise of 1.2% in May.
And the sunny outlook isn’t just in used vehicles. In the UK, new car sales also rose for a remarkable sixth consecutive month in May, with a huge 7.1% year-on-year increase, to a remarkable 160,662 units – the best performance since 2019.
Once again EVs lead the way: Battery Electric Vehicle (BEV) registrations continued to make up the lion’s share of new car sales growth, with a healthy 34.2% yearly rise in May, while hybrids saw a 1.8% year-on-year growth.
So despite the geopolitical disruption and uncertainty, UK car makers and traders continue to keep the UK automative industry thriving, with a significant, and ongoing, growth in retail sales… right across the industry!
