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Prices of used electric vehicles continued their “roller coaster” ride in the first quarter of 2021.
EV prices fell by 19.6% (£3,391) from £19,978 in Q4 2020 to £16,047 in Q1 2021 as average age rose from 24 to 27 months, according to Autorola.
“EV prices continue their rollercoaster ride and show no signs of stability,” said Jon Mitchell, Autorola UK group sales director.
Autorola saw EV sales halve during the quarter as the trade cleared out its less desirable stock. EV prices continued to find any level of consistency having been as low as £11,100 and as high as £19,900 during the past 15 months.
Prices of diesel used cars rose to a record £14,769 from £13,847 in Q4 2020, a rise of 6.6% (£922) at an average age and mileage of 33 months and 25,437 miles.
“Diesels have been written off by many simply because new car sales have fallen dramatically, but in the used market demand and prices have been very strong for the past 12 months,” said Mitchell
“We are likely to see this continue as used stocks begin to fall over the coming years. The popularity of hybrids is becoming very consistent, while EV prices continue their rollercoaster ride and show no signs of stability,” he added.
Hybrid used car sales were also strong during Q1 accounting for 5.0% of Autorola volumes reinforcing their increased desirability.
Hybrid prices fell back slightly to £14,812 on the back of a rise in average age and mileage to 35 months and 24,797 miles which compares favourably with EVs which saw a fall in both volumes and prices during Q1.
Autorola saw used petrol prices remain consistent in Q1, rising by an average of 2.6% (£286) from £10,706 in Q4 2020 to £10,992 as average age rose from 32 to 34 months and average mileage fell from 19,336 miles to 17,961 miles. Petrol cars accounted for 51.4% of Autorola’s total sales in the quarter, a fall from Q4.