Used EV prices inch up in September

The price of used EVs rose in September after 12 months of consecutive decline.

This is according to Auto Trader’s Retail Price Index, which has reported a 0.8% price rise so far in September to an average price of £32,463.

Meanwhile, used petrol car prices have also risen, up 0.1% month-on-month, although used diesel car values have fallen 0.7%.

The increase in used EV prices is being fuelled by levels of consumer demand outpacing supply levels for the first time since July 2022. In fact, the rate of demand growth this month is up 87.4% year-on-year, which is the highest rate of growth ever recorded.

Combining all fuel types, the average price for a used car is now £17,823, which is up 0.7% year-on-year but still 36% above the same period in 2021, and 45% above pre-pandemic levels in September 2019.

Richard Walker, Auto Trader’s data and insight director, said:“Although it’s still early days, it’s positive to see that after more than a year of contraction, the market is beginning to see green shoots emerge in used EV pricing. With the continued ‘de-fleeting’ of circa 750,000 electric vehicles sold over the last three years it’ll be some time before the market reaches maturity, but with clear signs of prices beginning to stabilise, the industry should have more confidence in the potential profitability of second-hand electric cars.”

Sue Robinson, chief executive of the National Franchised Dealers Association (NFDA) added: “Dealers are encouraged by the fact used EV prices starting to rise again, after a year of softening from over supply, now driven by growing consumer demand and popularity amongst new and used products. As motorists are beginning to recognise the benefits to owning an EV, such as their reduced environmental impact and reduced operating costs, demand is starting to rise.”