Used EV values rose in September following 24 consecutive months of negative adjustments, according to Cap HPI.
The automotive data firm said EVs saw a positive average movement of 1% at the three-year mark, making electric the top-performing fuel type during the month.
Cap HPI said nearly half the EVs valued at this age had seen values increase in September, compared with only 11% in August.
The overall used car market saw a value increase of 0.2%. Cap HPI said every month this year had seen a more positive monthly movement than the seasonal average, reflecting market stability.
Cap HPI senior valuations editor Chris Plumb said: “The decrease in prices during the last quarter of 2023 helped alleviate some of the excessive inflation during the price increases of 2021. However, prices did not completely return to their previous levels, remaining some 15% above where they were at the start of 2021.
“It appears that used car prices reached a reasonable point for both retailers and consumers at the beginning of 2024, leading to a period of overall stability since then.
“It is important to note that there are certain nuances within this trend, and in cases where supply exceeds demand for specific models and fuel types, values have certainly declined. Nevertheless, on average, used car prices in 2024 have remained stable.”
