Used EV price parity with petrol unlocking sales success

More than half of dealers (53%) say that electric vehicles (EVs) become much easier to sell when they are priced the same as petrol cars.

May’s new Startline Used Car Tracker also shows that a third (32%) think that EVs have become generally easier to sell in 2024.

Paul Burgess, Startline Motor Finance chief executive, said: “The large reductions in prices and values seen for EVs in the last year or so have received a lot of attention, and mean we are now in a situation where many comparable used EVs and petrol models are priced at around the same level.

“What dealers are telling us in the research is that once this kind of price equivalence is reached, EVs are much easier to sell. The message appears to be pretty straightforward – there is a strong market for used EVs when they reach parity with ICE.”

A third of dealers (32%) also say there are now more family-friendly EVs available that are easier to retail but 25% believe there is still an excess of big, expensive models in the used car market.

Burgess said: “It’s been a problem that many of the EVs that were initially brought to market were pricey, luxury models for which there has been limited used demand.

“That’s starting to change and dealers seem to recognise that there is now more everyday stock around that will serve the needs of a wider range of buyers.”

This month’s Startline Used Car Tracker is based on views from 303 consumers and 60 dealers.