Used electric cars are benefiting from surging values as rocketing petrol and diesel costs encourage motorists to consider making the switch to electric, new data suggests.
Used car values dipped 1.7% or £350 in October, outpacing the seasonal average drop as surging trade volumes and aggressive new car discounts squeezed the market.
Values for used electric small and medium vans rose in November, bucking the wider market trend.
Rising fuel costs are driving a clear shift in the UK used vehicle market, as diesel values drop and motorists increasingly turn to hybrids.
The used electric van market is accelerating as more vehicles enter the second-hand sector and a broader range of buyers compete for BEV stock, Solera Cap HPI has reported.
Used car values dropped by 0.9% during August as higher disposal volumes and more selective buying put greater pressure on the wholesale market, but battery electric vehicles (BEVs) bucked the trend.
UK used car values defied historical seasonal slowdowns for the third consecutive month, powered by a surging demand for electric vehicles.
The Government’s reported plans to reduce the 2030 ZEV mandate target from 80% to 50% may ease pressure on some manufacturers, but the bigger issue for most OEMs is policy certainty, says
Values for used battery electric vehicles (BEVs) have climbed for the first time in eight months, new data from Solera Cap HPI shows.