Used electric vehicle values holding firm
Used electric vehicle values are expected to continue outperforming the wider market through August, according to Solera cap hpi.
However, it predicts their advantage will start to narrow in the coming months.
Its data found that used electric vehicle values fell by just 0.2% month-on-month in July at the three-year, 60,000-mile benchmark, making electric the second-best-performing fuel type behind hybrid, which increased by 0.3%.
The used electric result was 0.6% better than the rest of the used market, with the remainder of the market falling by 0.8%.
Higher fuel prices have helped maintain demand in used electric vehicles, and Solera cap hpi expects values to remain strong while fuel costs remain elevated.
Dylan Setterfield, head of forecast strategy at Solera cap hpi, said: “We’re expecting electric vehicles to continue to perform better than the overall average in the short term, but that favourability is likely to reduce over each of the next three months.”
Looking ahead, the wider used market is expected to soften from September, with increasing used vehicle volumes putting further pressure on values during the final quarter. Solera cap hpi predicts that weaker performance against seasonal norms will gradually increase through 2027 before flattening out in early 2028.
