Days to sell data from Auto Trader has revealed that used cars took a record average of 23 days to leave franchise forecourts in February.

This is five days faster than the same period last year (28 days), and six days faster than pre-pandemic February 2019 (29 days).

Used cars have only sold that quickly on two other occasions, in June 2021 and September 2020, both of which followed the release from heavy COVID restrictions.

While the broader retail market, including independent retailers, saw a slightly longer average, at 25 days, it still marks the second fastest month on record.

Richard Walker, director of insights at Auto Trader said: “The market entered 2023 with some real momentum behind it, and based on what we’re seeing, there’s no indication of it slowing anytime soon. The record speed of sale is being fuelled by the steady growth in year-on-year consumer demand, paired with the ongoing squeeze in used car supply. This positive imbalance of dynamics is not only helping cars to sell at record speeds but is also continuing to drive retail price growth, which together is maintaining a very healthy and profitable used car market.”

Electric vehicles (EVs) were on average the slowest selling fuel type last month, taking an average of 45 days to leave forecourts.

It’s followed by plug-in hybrids (34) and full hybrids (31).

Petrol and diesel used cars are selling considerably faster, 25 days and 24 days respectively. But, Auto Trader said that the comparison with EVs is skewed due to the difference in the average age of stock. For example, used cars aged up to five years-old (the bulk of EV stock) took an average of 33 days to sell in February, versus just 22 for those cars aged over five years.

Walker added: “EV demand remains buoyant, but unlike its ICE counterparts, where supply is trickling through, the EV floodgates have been opened, resulting in a tsunami of used stock entering the market. Volumes of used ICE cars were down 20% last month year-on-year, but EVs were up over 260%. It’s this overbalance, which is slowing the speed of sale, and causing a rebalancing in retail prices. As our data highlights, however, the market is incredibly nuanced, and so a broad-brush rarely reflects the true picture. It’s critical therefore to follow the data to find the best opportunities for your market.”