The latest data from Auto Trader indicated interest in electric vehicles grew significantly in 2020 as more models entered the new market in 2020 and the used EV sector continues to mature.
With both choice and demand for EVs at record levels, 1 in 8 of Auto Trader’s 10.4m visitors is now looking at electric cars. This equates to a YoY 64.2% increase in views for electric vehicle ads on Auto Trader YoY 2020.
Back in November, the Government’s decision to bring forward the ban on the sale of new internal combustion engine (ICE) cars to 2030 resulted in a huge spike in engagement of electric vehicles (EV) on the Auto Trader website. On 18 November, the day after the Prime Minister confirmed the move, advert views for new EVs increased 124%.
According to the latest results from the Auto Trader Retail Price Index, which is based on daily pricing analysis of circa 900,000 vehicles, the average price of a used car in December was £14,085: a year-on-year (YoY) and like-for-like increase of 8.1%.
Electric appetite surges as ICE demand cools
In December, used Electric vehicles (EV) continued to record exceptionally strong levels of demand. Premium EVs saw demand increase 80.8% YoY in December. With a much stronger level of supply in the market, which was up 223.9%, average prices contracted slightly, decreasing -1.70% YoY (£46,432). Whilst demand for volume EVs was slightly lower, up 58.7% YoY, the gap between levels of supply was far smaller, at 86.9%, helping to drive average prices up 16.20% (£19,197).
On the other hand, demand for used petrol cars remained stable whilst diesel saw a decline, with levels of supply falling even further in this case.