Sales of sub-£10k used EVs are increasing in response to rising fuel prices, according to Shoreham Vehicle Auctions (SVA).

The remarketing specialist said the used market is already experiencing a surge in interest from dealers to buy such models, following the rise in fuel prices caused by the Middle East conflict.

In the first 10 days of the US–Iran war, SVA sold every sub-£10k EV at auction.

Every EV has received multiple bids and wholesale prices are now rising as dealers buy cars to satisfy a growing consumer demand to reduce their motoring costs amid oil prices that have risen to over $90 a barrel.

“It’s a brutal way for the used EV sector to build dealer and consumer confidence, but when an electric car is saving a consumer hundreds of pounds each month compared with petrol or diesel then it’s a win-win for them,” explained Alex Wright, managing director of SVA.

“With no sign of the Middle East conflict ending and oil prices likely to stay high, we expect this surge in demand for cheaper EVs from dealers and consumers to continue. The fuel prices might also encourage used car buyers with a larger budget to buy electric for the first time,” he added.

Used EVs currently wholesaling between £8-8,500 and retailing at just under or at £10k include the Renault Zoe, Nissan Leaf, Volkswagen e-Golf, MG5 EV, the early Hyundai Kona and Kia e-Niro. The BMW i3 is also popular but volumes coming into the market are low.

“The new 26-plate has arrived just at the right time as it should divert a number of ex-fleet, PCP and salary sacrifice EVs back into the used market,” said Wright.