The demand for used electric vehicles (EVs) ramped up in July following a 16.5% fall in prices during Q2, according to the latest Aston Barclay Market Insights report.
EV prices fell by £3,289 to an average of £15,625 in Q2 at an average age and mileage of 35 months and 27,141 miles, the largest quarterly fall since Q4 2022 when prices fell by £4,895 to £26,483.
This fall in prices has helped contribute to used EVs being on par or cheaper than equivalent ICE cars which is encouraging more consumers to get behind the wheel of an EV.
Dealers are now competing to buy used EVs between £8-18,000 to meet this heightened consumer demand which is positive news for the future of EV adoption.
The second quarter of 2024 also spelled good news for ex-fleet cars with strong demand from franchised dealers and car supermarkets helping push up values by 5.4% (£878) to £15,082 at an average age and mileage of 40.7 months and 34,679 miles.
The Q2 period saw an increase in dealers choosing to retail their part exchange stock, rather than send the vehicles to auction, has impacted on the volume of younger part exchanges between 55-75 months coming to the market. This has helped push up prices by 6.7% (£671) to £10,651 at an average 64.7 months and 57,981 miles.
“Whilst EVs have seen another quarter of falling prices, they look better value than ever and in July we have seen more bids and higher conversions across our EV stock which is good news for the industry,” explained Nick Thompson, chief Aston Barclay customer officer.
“The used market has strengthened considerably after the conclusion of the Euros and the election,” he added.
- A special used EV masterclass panel will be held at Automotive Management Live this year on November 13. The session will highlight the approach of several award winning retailers and how they navigate the challenging used EV market. Register now to claim your free ticket.
