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The average three-year-old used electric car is now 43.8% cheaper than 18 months ago, according to INDICATA UK.
A 2.0% price fall was experienced by used EVs in June, resulting in price parity between equivalent EVs and ICE cars.
Dean Merritt, INDICATA UK’s head of sales, said: “Our latest used EV trends do not make enjoyable reading for leasing companies who have got used cars to sell at the end of customer contracts.
“Some are turning to secondary leasing for their younger lower mileage used EVs as a means of reducing the residual value pain, which also helps to reduce the chance of ex-fleet cars flooding the market.
“The good news is that consumer demand for used EVs continues to increase as prices get cheaper as they continue to find their feet in the used market. However, it remains a slower process than most would like.”
Demand for used EVs is rising due to falling prices. Therefore, demand is more in sync with supply.
More good news for used EVs is that demand continues to rise on the back of falling prices and is more in sync with supply.
Many nearly new EVs are being fed into the market as OEMs consider the ZEV mandate. EV’s market share of used cars up to four years old increased, accounting for 9.3% in June. Petrol remained the dominant fuel type (49.1%).