May saw the highest ever proportion of used electric vehicles (EVs) being stocked by dealers with car supermarkets leading the way, according to new data.

The monthly Market View analysis of used trends by the Motors online advertising platform found that 5% of cars listed were EVs, up from 3.5% in May 2023.  Alternative-fuelled cars collectively accounted for 13% of advertised stock, the highest ever monthly proportion recorded by Market View.

Over the last year car supermarkets have more than tripled the proportion of used EVs they stock, rising from 2% to 7%. Hybrids have also grown from 7% to 10% in the same period, with the gains being made at the expense of diesel-powered vehicles which dropped from a share of 35% to 27%. The petrol share of stock has remained constant at 56%.

Used EV prices also appear to be coming down – May marked a further drop in the average advertised prices to a new low of £27,241, down 3% month-on-month (MoM) and 10% year-on-year. Prices for used EVs have now been falling for eight consecutive months.

Overall the market produced another stable month for both prices and stock levels. Average prices increased by just £69 (0.4%) MoM to £16,851, although they were down 8% YoY from £18,435. Stock volumes were up by just one unit MoM and YoY from 52 to 53 units. The increase was felt mostly by franchised dealers and car supermarkets, while independents remained unchanged at 39 units.

“We’re starting to see some evolving trends in the used EV sector as a result of greater numbers becoming available and falling wholesale values driving down retail prices,” said Motors managing director Lucy Tugby.

“Consequently, dealers are showing more confidence in sourcing EV stock, while lower prices are opening up consideration for more buyers, as reflected by a rise in ad views in May. It’s a trend to watch but it’s still early days. Overall our data shows welcome signs of continued stability across the used car market as we enter the second half of the year.”