Used EVs in “high demand” as prices start to fall

Used electric vehicles (EVs) are selling as fast as petrol and diesel cars for the first time, according to the latest Indicata Market Watch report.

In April, used EV sales were up 68%, but overall prices for used cars started to fall.

From April to the beginning of May 2022 prices fell by 1.4% and are now 0.1 percentage points lower than the start of January.

At auction, BCA said average used car values have fallen from a September high of £12,000 to £8,552 in April. Values have settled steadily over the first four months of 2022, with guide price performance moving from 99.0% in January to 94.8% in April.  

BCA UK COO Stuart Pearson said: “For the first time since the onset of the pandemic in early 2020, the used vehicle marketplace is starting to exhibit some of the more typical traits we might have expected to see in previous years. 

“Traditionally the used car market would soften post-Easter as inventory swelled following the plate-change and consumers focused their spending priorities on other things, such as funding the family holiday.”

The demand for EVs has shrunk stock availability in the used market, with models like the Kia Niro and Hyundai Ioniq selling in less than a month, on average.

“EVs are in such high demand that stock levels have fallen dramatically over the past few months. We have really noticed a step change in demand since the beginning of the year. Prices are consistently high with our regular alternative fuel auction for Arval continuing to create strong bids. However, overall average prices have settled down and are back to the levels they started the year at,” said Jon Mitchell, Indicata UK’s group sales director.

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