Demand driving up prices of used electric vehicles
Nearly eight in 10 used electric vehicles have seen values increase in May, according to data from Solera cap hpi.
It found that 77% of electric models in the three-year-old category saw their prices remain stable or rise during the month, with average values rising by 1.2%, or £220.
Among the biggest movers, the MG 5 saw average prices up 6.5%, Mini Cooper values rose by 6.4% and the Polestar 2 was up 6.1%. The Tesla Model 3 also saw average prices rising by more than six per cent.
In contrast, diesel models in this age category saw values fall by 1.9%, or £420.
Across the wider market, values for three-year-olds fell by an average of 0.9%, or 195, one-year-old models saw average prices decrease by 0.7% (£250), prices for five-year-olds came down by 1.3% and 10-year-olds saw a reduction of 1.5%.
Consumer interest
Chris Plumb, head of current valuations at Solera cap hpi, said: “There are clear signs that demand for used BEVs has strengthened over recent weeks. Retailers are seeing more consistent consumer interest, and that is now feeding back into trade values as buyers return to the market with greater confidence.
“Some of the models that came under the greatest pressure earlier in the year are now starting to look particularly good value for money, which is helping stimulate retail demand.”
