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BEV values fell by -34% in the first 11 months of 2023 and -3.6% in November, according to INDICATA’s latest used car insights report.
Overall, average UK used prices fell by -3.7% from November moving into December and by -10.2% in the first eleven months of 2023.
Used hybrid prices struggled in 2023 falling by -17.1% from January and November with “no sign of them or used EVs reaching rock bottom yet”, it added.
Petrol remained the most robust fuel type during 2023 with prices falling by -7.8% whilst retaining a near 50% market share of sales, well ahead of diesel at 33.9%.
EV market share peaked at 3.3% during September but fell to 3.2% in November which helps put into perspective the small numbers still being sold in the used market currently.
“The last three months of 2023 have seen used prices and sales in the wholesale market slow down but in the retail sector dealers have been bullish and have kept prices high on the basis of selling fewer cars but at higher prices,” said Jon Mitchell, group sales director.
“Many dealers have also been building used stock levels by taking advantage of lower wholesale prices predicting prices and demand will pick up again in early 2024.
“When it comes to the top selling used cars the Vauxhall Corsa topped the November table closely followed by the Ford Fiesta and VW Golf. Ironically the fastest-selling used cars are either hybrid or EV with the Toyota Prius topping the table again followed by the Mercedes EQE and Tesla Model Y.
“The Prius is highly sought after by the private hire trade now that it is no longer in production and according to our latest data insights there are just 20 days of supply in the market to meet current demand levels,” said Mitchell.