Auto Trader Group plc
Auto Trader Group plc
04/22/2024 | Press release | Distributed by Public on 04/22/2024 09:24
Average electric car discount levels reach record high
As average levels of discount on electric cars in the UK reach record highs, Auto Trader shares data from its marketplace:
• Like-for-like comparisons in the new car market show that EV RRPs are on average 33% more expensive than ICE.
• In March we saw more cars with more discount and EV offers reaching record highs where average new EV discount peaked at 11%.
• In March 2024, 11% of new EVs offered a discount of 20% or more, compared to just 2% of petrol cars with this level of discount.
• In March 2024, 18% of new EVs offered a discount of 15% or more, compared to just 7% of petrol cars with this level of discount.
• Not all brands are offering such high discounts with Honda and SsangYong offering the highest average discount (23%) and Kia, Mercedes-Benz and Skoda offering the lowest average discount at 3%.
• In March 2024, 77% of new electric cars advertised on Auto Trader had some level of discount, in March 2023 this figure was 55% for electric cars and 69% for petrol.
"Sales of electric vehicles are rising but as growth is still being driven from the fleet side of the market, more needs to be done to stimulate electric vehicle demand among private buyers where affordability remains the #1 barrier. That said, manufacturers and retailers are fighting harder than ever to tempt customers, as more than three-quarters of new EVs are now advertised on our website with discounts, with the average discount applied increasing to 11% last month, the highest on record.
Ian continued: "That trend only looks set to accelerate as manufacturers struggle to meet strict Zero Emission Vehicle mandate targets in a much more competitive landscape. The arrival of new Chinese entrants is likely to continue to shake up the market and bring down prices for consumers. Their share of new car advert views on our platform has more than tripled since March 2021. Underlying consumer demand for cars also remains strong after a record 89.1m visits to our website last month."
Share: