Used EV prices fall by nearly £5,000 during Q4

Used EVs fell in price by nearly £5,000 during Q4.

This was caused by the rising cost of living cooled consumer interest in switching to a zero emissions car, according to Aston Barclay.

EV prices fell by -15.5% (£4,866) from £31,349 in Q3 to £26,483 in Q4 as consumers moved their focus towards used petrol and hybrids.

At the end of December 2023, a used EV worked out three times more expensive than the price of a petrol at auction.

Used petrol prices rose in Q4 by 0.4% (£38) to £7,922, while hybrid prices remained consistent at £19,694 as these two fuel types saw the strongest demand at auction.

Ex-fleet stock shortages helped inflate used prices to a record high during Q4 of £16,206, a rise of 2.5% £404) over Q3.

While average age in this sector remained at 41 months for the third successive quarter, average mileage rose again to 34,558 miles.

Aston Barclay said that ex-fleet stock will continue to get older as contract hire fleets report up to 40% of their fleet are on extended contracts as they wait for replacement new cars.

Mark Hankey, Aston Barclay’s chief revenue officer, said: “Used EV prices were unlikely to stay at record highs forever and it took the rising cost of living to contribute to a major market correction. An identical Honda HRV petrol and EV being sold in the same auction for £19k and £29k respectively shows the pressure the market has been under.

“A £10k difference in the price of the same car with different fuel types has seen consumers move towards petrol and hybrids. However, we are on a one-way road towards EVs with new car take up continuing to grow. Some vendors expect to reach BEV/ICE used car parity in 2024 and as EV volumes continue to rise, prices should stabilise.”