Aston Barclay sees 16.5% fall in used EV values

There was a 16.5% fall in used electric vehicle (EV) prices during Q2, according to the latest Aston Barclay Market Insights report. 

Used EV prices fell by £3,289 to an average of £15,625 in the quarter at an average age and mileage of 35 months and 27,141 miles, the largest quarterly fall since Q4 2022 when prices fell by £4,895 to £26,483. 

The decrease means that used EVs are now on par or cheaper than equivalent internal engine combustion (ICE) cars.

Aston Barclay says that is encouraging more consumers to invest in an EV. Dealers are now competing to buy used EVs between £8-18,000 to meet this heightened consumer demand, it says.

The remarketing company also reports strong demand from franchised dealers and car supermarkets for ex-fleet cars, with values increasing by 5.4% (£878) to £15,082 at an average age and mileage of 40.7 months and 34,679 miles. 

Aston Barclay says that there has been an increase in dealers choosing to retail their part exchange stock, rather than send the vehicles to auction, impacting the volume of younger part exchanges between 55-75 months coming to the market.

This has helped push up prices by 6.7% (£671) to £10,651 at an average 64.7 months and 57,981 miles. 

“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,” explained Nick Thompson, chief customer officer at Aston Barclay. 

“The used market has strengthened considerably after the conclusion of the Euros and the election,” he added.