Growing demand pushes up used EV prices
- 20/10/2023
- Posted by: Alan Feldberg
- Category: News
New data from Auto Trader has revealed that used EV prices have risen 0.6% so far in October to an average price of £32,203.
However, prices are still down 19.6% on a year-on-year (YoY) basis.
The slight rise during October is marginally ahead of the 0.2% rise is used petrol vehicles but just below the 0.7% price rise for diesels. On an annual basis, petrol and diesel prices are up 1.3% and 0.8% respectively to average values of £16,315 and £16,000.
The increase in used EV prices is being driven by rising demand, which is up 78.4% so far in October, according to Auto Trader’s online marketplace
Richard Walker, Auto Trader’s data and insight director, said: “The continued realignment in used electric pricing is the real stand-out so far in October, with another month of improvement after a year of decline. For the moment we’re seeing the stars align for second-hand EVs; greater affordability and rising prices at the pumps is helping to make them a more viable alternative to their ICE counterparts which are still increasing in value. The combination of accelerating demand with softening supply is good news for retailers; although the market remains volatile, for those who follow the data to find and price the right stock for their forecourts, EVs currently represent real profit potential.”
