Surging demand reported for used Tesla EVs – Marketcheck UK

In May 2023, the average price for a used Tesla was £41,022.50 – in May 2024, it stands at £32,293.75.

Average days on market has fallen from over 147 a year ago, to just 106 in the latest month recorded – another record low.

 

Sold volume each month has doubled, going from 812 in May 2023, to 1641 in May 2024.

Stock has dramatically increased, almost by 100%. In May 2023, it was 1706 moving to 3376 in May 2024.

Source – https://marketcheck.uk/

 

Date Stock Volume Sold Volume Average Price Average DOM
May 2023 1706 812 £41,022.50 147.75
June 2023 1687 741 £40,114.50 139.25
July 2023 1829 807 £39,413.00 139
August 2023 1874 832 £38,062.25 150.75
September 2023 1981 908 £37,754.50 152.5
October 2023 2025 887 £37,113.50 145.25
November 2023 2213 947 £35,954.75 135
December 2023 2249 786 £34,524.00 136
January 2024 2760 1144 £33,908.00 122.75
February 2024 2943 1267 £33,272.75 117.25
March 2024 3189 1510 £33,121.50 113
April 2024 3259 1372 £32,906.00 110.75
May 2024 3376 1641 £32,293.75 106
Total 31,091 13,654 £36,112.38 132

Alastair Campbell of Marketcheck UK commented:

“Anyone on British roads will have noticed the surge in use of Teslas, and many of those were company cars or sold under the EV SalarySacrifice employee schemes.

“As these cars are coming off these deals and entering the used market, the combination of increasing volumes, Tesla’s own price cuts and higher interest rates are driving the sale price of these cars down in the used markets.

“They’re more affordable and private buyers are now starting to pick up some amazing bargains which is leading to the average days on the market starting to fall.

“We have seen 2020 Tesla Model 3s with as few as 65k miles on sale for £16k.

 

“Considering the performance and technology in these vehicles and the fact that they can be charged for as little as £5 per night this is extremely good value for money.

“There has never been a better time to buy a used Tesla in the UK market.”

About Marketcheck UK:

By tracking data on 650,000 daily car adverts from 11,000 dealers in 14,000 locations, Marketcheck captures an incredible amount of data on the UK used car sector.

Data is matched against the DVLA, SMMT and other sources for normalisation and accuracy.

This includes historical data back to January 2021, broken down by model, price, mileage, days on market, location, website, dealer brand, and so much more.  To learn more, visit https://marketcheck.uk/

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