Carwow response to SMMT Q1 2024 used cars sales figures

May 09, 2024 by

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Carwow responds to the SMMT Q1 2024 used car sales figures…

9 May 2024: The stunning 71% rise in used EV sales in Q1 2024 compared to the decline in sales of new ones to private buyers shows there may be a growing consumer appetite for more affordable EVs (electric vehicles). It proves that despite numerous offers currently available from manufacturers, the decline in new EV sales to private buyers is an affordability issue and the government needs to provide incentives or reduce the VAT on new EVs to boost the market in a meaningful way if we are to reach the ZEV mandate.
With so many businesses switching to EVs from ICE cars, the supply of affordable used BEVs, PHEVs and hybrids on the market has increased.
Nearly two million used cars were sold in the UK in Q1 2024, and a record number of them (over 41,000) were electric vehicles
Sally Foote, Chief Commercial Officer at Carwow, said: “The latest SMMT used car figures represent a huge opportunity for retailers. Whilst there has been volatility in EV residual values over the past year, the case for adding used EVs to forecourts is becoming more compelling by the day. Retailers who are responding to consumer demand and selling used EVs in larger volumes are reporting higher margins and faster stock turn.
“We’ve seen listings of used EVs on our platform increase by 23% year-on-year, and our dealer partners report that the average stock turn for used EVs is faster than ICE equivalents, averaging just
41 days compared to the 51-day average for a typical used petrol model. The profit is there too, with used EVs delivering an average profit potential 5% higher than that of used ICE cars during the first
four months of 2024.
“This window of opportunity is set to open up in the coming years as more company vehicles are defleeted and the used market receives an influx of competitively priced EVs.”
“The case for adding used EVs to forecourts is becoming more compelling by the day,” says Sally Foote, Chief Commercial Officer, Carwow
ENDS

About Carwow
Car-changing is a big deal. Carwow is where you come to get the big deals done. Thanks to expert advice, a wide range of models and makes and a network of verified dealers, we make it easy – whether you’re buying, selling or dreaming. With over 3.5m monthly users we’re proud to be the one-stop shop to change your car.
As an important partner for the automotive industry we use market-leading insights and create top-notch advertising content to fuel the success of the dealers and brands we partner with.
Since we were founded, we’ve:
Raised $157m from some of the biggest tech, marketplace and automotive investors, including Balderton Capital, Accel, Vitruvian Partners, Episode and Samos
Become one of the biggest automotive channels on YouTube, hitting over 9 million subscribers thanks to Mat Watson and the team.
Created a service customers love, with a 4.6 rating on Trustpilot from over 50,000 reviews
Launched our ‘Sell My Car’ service in the UK where dealers compete to get customers the best price for their car.
Opened offices in the UK, Germany, Spain and Portugal with a combined team of 400+ Carwowers.
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