Demand for used EVs increased in July following a 16.5% fall in prices during Q2, according to Aston Barclay.
The auction company said EV prices fell by £3,289 to an average of £15,625 in Q2, at an average age and mileage of 35 months and 27,141 miles – the largest quarterly fall seen since Q4 2022, when prices fell by £4,895 to £26,483.
Aston Barclay said this fall in prices had helped contribute to used EVs being on par or cheaper to buy than equivalent ICE cars, which was encouraging more consumers to move to an EV. It said dealers were now competing to buy used EVs between £8-18,000 to meet this heightened consumer demand.
The company said Q2 was also a good month for ex-fleet car values, up by 5.4% (£878) to £15,082, at an average age and mileage of 40.7 months and 34,679 miles.
Aston Barclay chief customer officer Nick Thompson said: “Whilst EVs have seen another quarter of falling prices, they look better value than ever and in July we have seen more bids and higher conversions across our EV stock which is good news for the industry.
“The used market has strengthened considerably after the conclusion of the Euros and the election.”
