Used electric cars reached a new price high on the back of soaring demand, Aston Barclay has reported.  

Average EV prices at Aston Barclay in Q2 hit an all-time high of £31,420; up 10.6% or £3,340 from Q1

Average EV prices in Q2 hit an all-time high of £31,420; that’s a rise of £3,340 from Q1 or a 10.6% increase and is based on an average age and mileage profile of 22.4 months and 15,664 miles.  

However, EVs are currently the slowest-selling fuel type, taking an extra five days to sell compared to used diesel cars (14.2 versus 9.2). Not only is diesel the fastest-selling fuel type, but it also accounted for 43% of stock moving through Aston Barclay auctions in April and May. 

Used diesel prices also continued to rise, despite fuel pump prices reaching an all-time high. Prices rose by 2.6% (£221) to £8,491. Average age fell from 98.8 to 94.7 months and average mileage from 83,862 to 80,987 miles.  

The firm’s data also reveals that used fleet car prices continue to fall gently as average age of stock continues to rise due to contract extensions. Prices fell by £367 from Q1 (-2.3%) to the end of May in line with recent CAP monthly valuations, to an average of £15,307 at 41 months and 32,729 miles.  

And with one third of leasing fleets remaining on extension, it’s likely that will be no large stock volumes coming back into auction during 2022 and 2023. In fact, many rental companies continue to buy rather than sell used cars at auction. 

The insights were shared by Aston Barclay with BVRLA’s Residual Value and Remarketing committee during the association’s first physical Residual Value and Remarketing Committee meeting since before the Covid-19 pandemic began in March 2020. 

Aston Barclay also revealed at the event that three used sectors bucked the market price fall – Late and Low, Old, and Budget part exchanges, which were up by 1.5%, 0.6% and 4.3% to reach £23,623, £5,704, and £2,139, respectively. 

 Aston Barclay confirmed that retail demand had been subdued in the past couple of months due to the rising cost of living, which backs up CAP’s prediction that used prices are likely to fall during 2022 by 15%. Aston Barclay’s Chief Customer Officer Martin Potter believes this view is a realistic one based on a gentle price fall rather than a market price crash. 

“There is a shortage of retail demand currently and this could continue to the end of the year, but we do not predict a dramatic fall in prices as the market remains short of used stock. Ex-fleet stock in particular remains in short supply and rental companies continue to buy rather than sell used vehicles at auction.  

“We anticipate the market continuing at its ‘new normal’ which in cases of the fleet market means prices are still £4-5,000 higher than they were in Q1 2021,” he said.