- Used EV models are selling faster than other fuel types, with an average turnover time of 28 days in December 2024.
- Despite a 10.6% price drop, demand for EVs remains strong, with £30 million profit potential from underpriced stock.
- The 2025 outlook is positive, with growing supply and high consumer interest, giving retailers strong profit opportunities.
Rising demand and profit potential in the used EV market heading into 2025
The used electric vehicle (EV) market is poised for continued growth as we head into 2025, according to Auto Trader’s latest report. December 2024 saw EVs selling faster than any other fuel type, with an average turnover time of just 28 days. For three-to-five-year-old EVs, sales were even quicker, averaging just 24 days. This trend signals strong consumer demand, a shift that is expected to strengthen throughout 2025.
While EV prices saw a 10.6% drop year on year, the market remains resilient. The average price for a used EV in December 2024 was £26,139, reflecting a price adjustment in line with seasonal trends. Despite the decline, the demand for EVs remains robust, with supply levels continuing to rise. Auto Trader predicts nearly £30 million in potential profit from underpriced, highly sought-after EV stock.
Looking ahead, Auto Trader’s forecast for 2025 is positive.
Richard Walker, Auto Trader’s Data & Insights Director, said:
“There is plenty to be positive about as we enter 2025 with last year ending on the fastest selling December in years and consumer demand appearing resilient. There’s a trend towards more stable pricing, with year-on-year price drops softening, and so we’re seeing pockets in the market where there is missed margin opportunity. As hardening trade prices squeeze profit this will be even more important to address into 2025.
The data shows that there is profit opportunity out there for those who use the right tools and information. To unlock success in 2025, ensure your pricing strategy optimises for speed of turn with margin maximisation as a priority.”
As EV supply continues to grow, the market is expected to remain strong, fuelled by rising consumer interest in electric cars and their lower long-term costs. Retailers who manage their stock effectively and adopt competitive pricing strategies will be in a prime position to benefit from the ongoing demand for used EVs.
The key to success in 2025 will be for dealerships to balance stock availability and pricing to maximise profit potential in a rapidly evolving market.
