In the ever-changing landscape of the automotive industry, electric vehicles (EVs) continue to gain momentum. eBay Motors has now released data that puts the spotlight on just how quickly used Teslas are flying off the lot. According to the latest statistics for September 2023, the Tesla Model 3 emerged as the fastest-selling used car, spending an average of just 17 days in stock. This swift turnover significantly outpaces the average used car, which takes about 35 days to sell.

Fastest-Selling Cars and Evolving Market Trends

The Tesla Model 3’s rapid sales were followed closely by the Audi E-Tron and the Ford Mustang, which averaged 20 and 21 days in stock, respectively. While the overall stock levels of used cars averaged 47 units, the time required to sell these cars has been showing a steady improvement. Franchised dealers, for example, reduced their average selling time from 32 to 29 days—marking their quickest sales rate this year.

Lucy Tugby, the marketing director of eBay Motors Group, noted, “September proved to be a relatively stable month for the used car market with consistent month-on-month tracking across stock levels, demand, and prices.”

EVs and Alternative Fuels on the Rise

Interestingly, the data also reveals a significant shift in the types of fuels that consumers are interested in. Petrol cars still account for over half of all dealer inventories at 53%, marking a 5% year-on-year improvement. However, diesel’s market share slipped by 9%, settling at 39%.

Meanwhile, alternative fuels are becoming increasingly popular. Hybrid cars more than doubled their share to 6%, while electric vehicles saw a staggering 98% increase, capturing a 3% share of the market. This is in line with a slight 1% increase in used EV prices for September, pausing a trend of monthly drops and standing at an average of £31,203.

The Economics of Used Cars

While the used car market has seen a series of price drops in recent months, September showed a minor decline of 1.1%, with the average used car price standing at £17,536. Despite this, prices are still 6% higher than they were the same time last year. The figures suggest a complex interplay of factors, including stock levels and consumer demand, that dealers must navigate.

Tugby further elaborated, “The shortage of stock remains a challenge for all dealers. While independents continue to navigate their way through the overall shortage of stock by cherry-picking vehicles they know will resonate with buyers.”

Anticipating the Future

As the automotive industry undergoes significant changes, the acceleration in the sales of used electric vehicles, particularly Teslas, suggests a growing consumer interest in sustainable options. Dealers will need to adapt to these shifts by diversifying their stock to meet consumer demand for alternative fuels and electric vehicles.

The data from eBay Motors serves as a harbinger for trends that are likely to shape the automotive market in the months and years to come. Keeping a close eye on these developments will not only inform potential buyers but also guide dealers in making strategic decisions in a rapidly evolving landscape.