Average used EV prices rose by 0.1% between July and mid-October, showing a welcome return to stability for the market, according to Indicata.
The analysis company said this period, which included a 0.8% rise between the beginning of September and early October, suggested prices had stabilised following an extended period of decline.
Rising demand for EVs also showed them topping Indicata’s market days’ supply metric ranking – derived from dividing the currently available supply of stock by the average daily retail sales rate over the past 45 days – at 38 days.
In addition, the Renault Zoe, BMW i3, and Hyundai Ioniq were ranking as the three fastest-selling used cars in September. Indicata highlighted that these models were all at the lower value end of the market, with dealers said to be prepared to stock used EVs at this level, and only buy higher priced models when they had a customer order to satisfy.
Indicata UK head of sales Dean Merritt said: “All the signs from our latest Market Watch report are that demand and prices for used EVs 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 EVs have stablished themselves in the used market with dealers and consumers alike.”
