The Tesla Model 3 has been identified as the fastest-selling used car for the month of September, taking an average of just 17 days to sell, according to eBay Motors Group’s latest data.
This comes amidst a broader context where the used car market experienced a 1% increase in electric vehicle (EV) prices to £31,203, although this is still 15% lower compared to last year, according to MotorTrader.
“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,” stated Lucy Tugby, Marketing Director of eBay Motors Group.
Dealer stock levels averaged 47 units, slightly down from 48 units in August. Franchised dealers, which include Tesla dealerships, saw a minor month-on-month reduction, averaging 53 units in stock. Independent dealers maintained stability with 36 units, while car supermarkets reported a decline from 331 to 303 units.
In the fuel category, petrol cars continue to dominate dealer inventories with a 5% year-on-year increase to a 53% share. Diesel slipped by 9% to hold a 39% share. Alternative fuels, including electric vehicles like Tesla, saw a significant year-on-year growth; hybrids doubled their share to 6%, and electric vehicles increased by 98% to a 3% share.
The average time required to sell a used car was 35 days, a slight improvement from 36 days in August. Franchised dealers, including Tesla dealers, experienced the most significant month-on-month improvement, reducing their average days to sell from 32 to 29 days.
Despite Tesla Model 3’s quick sales, the overall used car market saw a price decline. The average price dropped by 1.1% (£203) to £17,536, although this figure is still 6% higher year-on-year.
Tugby elaborated on the challenges facing dealers, noting that the 73 plate-change has likely generated part-exchange volumes but many of these vehicles are still being processed for future sales. “The shortage of stock remains a challenge for all dealers,” concluded Tugby.
Tesla recently launched a new upgraded Model 3 for Europe, Asia and the Middle East. For owners selling their older Model 3 cars for an upgrade, expect this to put pressured on used prices even more.
