Price of used EVs in UK rise for first time since December 2022
Prices for used electric cars in the UK have risen for the first time in more than three years, figures show.
Average prices on a like-for-like basis were 1.6% higher in June compared with the same month last year, online vehicle marketplace Autotrader said.
This represents the first year-on-year growth since December 2022.
The average price of a used EV in June was £24,662.
Autotrader said price rises are being driven by vehicles aged between three and five, which saw an 8.9% spike.
It attributed the segment's higher values to "sustained buyer appetite and tightening supply".
EVs outperformed the overall used car market last month, which was up 0.8% year-on-year.
Marc Palmer, head of strategy & insights at Autotrader, described EVs as the "standout story".
He said: "After a prolonged period of price adjustment, used EVs have moved from stabilisation into genuine growth."
Toby Poston, chief executive of the trade body the British Vehicle Rental & Leasing Association, said higher prices for used EVs are "an important step towards building long-term consumer confidence".
He continued: "We now need to see the market strengthen further as more high-quality, well-maintained EVs enter the used market, offering drivers great value and lower running costs."
Tanya Sinclair, chief executive of lobby group Electric Vehicles UK, said the used EV market is "finding its natural balance" as more drivers are recognising that "lower running costs more than offset the purchase price".
She added a growing supply of "high quality" second hand EVs is giving buyers "more choice than ever".
By Neil Lancefield, Press Association Transport Correspondent
Press Association: News
source: PA
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