Used EV prices slumped further in the second quarter of 2024, according to the latest Aston Barclay Market Insights report. 

Dealers are now competing to buy used EVs between £8-18,000 to meet heightened consumer demand

EV prices fell by £3,289 to an average of £15,625 in Q2 at an average age and mileage of 35 months and 27,141 miles, marking the largest quarterly fall since Q4 2022 when prices fell by £4,895 to £26,483.

This fall in prices has helped contribute to used EVs being on par or cheaper than equivalent ICE cars, which is in turn spurring buyer demand.

Dealers are now competing to buy used EVs between £8-18,000 to meet this heightened consumer demand – providing some positive news for the future of EV adoption.

Used car figures published by the SMMT earlier this week also show surging demand for second-hand EVs in Q2. A total of 46,773 battery electric vehicles (BEVs) went to new owners between April and June, up 52.6% year on year and resulting in the highest-ever share of the market at 2.4%; up from 1.7% for Q2 2023. Vehicle history check and valuation specialist HPI has said used EVs are now cheaper than petrol or diesel equivalents following sharp falls in values over the past two years.

Aston Barclay’s own Q2 2024 used car figures also show further good news for ex-fleet cars, with strong demand from franchised dealers and car supermarkets helping push up values by 5.4% (£878) to £15,082 at an average age and mileage of 40.7 months and 34,679 miles.

Q2 saw an increase in dealers choosing to retail their part exchange stock, rather than send the vehicles to auction, has impacted on the volume of younger part exchanges between 55-75 months coming to the market. This has helped push up prices by 6.7% (£671) to £10,651 at an average 64.7 months and 57,981 miles.

“Whilst EVs have seen another quarter of falling prices, they look better value than ever and in July we have seen more bids and higher conversions across our EV stock which is good news for the industry,” explained Nick Thompson, chief customer officer.

“The used market has strengthened considerably after the conclusion of the Euros and the election,” he added.