Used BEV prices stabilised between July and October

Used BEV prices rose by 0.6% between the beginning of September and early October, according to INDICATA.

Used BEV prices rose by 0.1% over a 3 ½-month period between July and mid-October, stabilising after months of falling prices.

Dean Merritt, INDICATA UK’s head of sales, said: “All the signs from our latest Market Watch report are that demand and prices for used BEVs are stabilising which means leasing companies and OEMs can breathe their first sigh of relief after months of prices falling.

“There is a better balance of supply and demand of used stock in the market and the fastest-selling used cars are all electric. However, time will tell whether used BEVs have stablished themselves in the used market with dealers and consumers alike.”

Market Days’ Supply for BEVs has improved to 38 days due to increasing demand, the best of all powertrains covered in INDICATA’s Market Watch report.

The top three fastest-selling used cars during September were BEVs – the Renault Zoe, followed by the BMW i3 and Hyundai IONIQ. Dealers stock used BEVs at this level, the lower value end of the market, and only buy higher priced models when they have a customer order to satisfy.

Young used cars are joining the market are BEVs as manufacturers chase ZEV Mandate targets. Used BEVs accounted for 5.3% of September sales, rising to 10.4% on used cars up to four years of age.