Motor Trader The award-winning and longest running UK magazine for car retailing professionals. Your first stop for News, Jobs and Reports for the motor industry.
Used EV prices made a “comeback” during Q4 2023 according to the cars Autorola sold on its MarketPlace online remarketing portal.
Prices rose by 12.5% (£2,522) from £20,067 to £22,589 between Q3 and Q4 as average age fell from 31 to 27 months and mileage rose from 19,899 to 21,751 miles.
This is the first used EV price rise Autorola has experienced since Q3 2022, and time will tell whether this was a blip or whether used EV prices are now on the up.
Autorola UK group sales director Jon Mitchell said: “We saw the market share of EVs sold online rise from 1.5% to 3.6% from Q3 to Q4. EV volumes are still very small when you consider 64.5% of the used cars we sold in Q4 were petrol and 22.3% diesel.
“However, the number of dealer bids on used EVs received in Q4 rose, particularly on the sub-£20,000 models.
“Average EV mileage also continues to rise which shows electric driving patterns are starting to fall more into line with ICE cars. Time will tell whether prices will remain at this new level,” he added.