New data shows mixed picture on used electric vehicle values

Prices for the top 20 most searched for used electric vehicles (EVs) on the AA Cars platform fell by 5.9% year-on-year compared to Q4 2023.

The average price of the most popular EV and hybrid models listed for sale on AA Cars in Q4 was £20,392, down from £21,673 over the same period in 2022.

The hybrid Toyota Yaris was the most popular EV or hybrid. Its price fell by 0.4% in Q4 2023 compared to Q4 2022.

Prices for other EV and hybrid models fell more sharply as more used examples came onto the market and supply increased.

Mark Oakley, director of AA Cars, explained: “The increasing supply of second-hand EVs and hybrids continues to improve choice for drivers and push down prices.”

Most searched for EVs and hybrids in Q4 2023, with annual price changes

Source: AA Cars

Contrary to the findings of AA Cars, however, analysis by Autorola of cars sold on its MarketPlace online remarketing portal, suggests that used EV prices made a comeback in Q4 2023.

Prices rose by 12.5% (£2,522) from £20,067 to £22,589 between Q3 and Q4 as average age fell from 31 to 27 months and mileage rose from 19,899 to 21,751 miles.

It was the first used EV price rise Autorola has experienced since Q3 2022. 

Autorola UK’s group sales director, Jon Mitchell, explained: “We saw the market share of EVs sold online rise from 1.5% to 3.6% from Q3 to Q4. EV volumes are still very small when you consider 64.5% of the used cars we sold in Q4 were petrol and 22.3% diesel.

“However, the number of dealer bids on used EVs received in Q4 rose, particularly on the sub-£20,000 models. Average EV mileage also continues to rise which shows electric driving patterns are starting to fall more into line with ICE cars. Time will tell whether prices will remain at this new level.”

Just six out of the top 20 most popular used cars increased in value

In terms of the overall market, average prices of the UK’s most popular used cars fell by 3.3%, which had followed an annual increase of 3.4% the previous quarter, according to AA Cars.

The average price of the most popular second-hand cars was £16,464 during October, November and December, down from £17,021 a year ago.

Average prices were £17,218 in the three months prior, during July, August and September.

Just six out of the top 20 most popular UK used cars increased in value, with the cost of a used Vauxhall Corsa rising 7.5% over the year.

Meanwhile, used internal combsution engine (ICE) cars sold by dealers on Autorola’s portal reached an all-time high in Q4 2023.

The average age and mileage for used petrol and diesel cars were 47 months/29,204 miles and 51 months/38,552 miles respectively as dealers disposed of unwanted or overage cars as they tidied up stock in preparation for year end.

This, says Autorola, is a further sign of older cars washing through the system as new car supply continues to improve.

“We have seen the average age of stock sold online continue to increase since Q1 2022 and we anticipate it will take another 12-18 months before this age profile begins to fall,” said Mitchell.

Most searched for vehicles in Q4 2023, with quarterly and annual price changes

Source: AA Cars