The used EV market remains highly volatile, showing a big slump in average values but growth for younger models.

The figures for younger EVs highlight how nuanced the used car market remains

While the second quarter has got off to a strong start for the used car market, the data from Auto Trader reveals used electric vehicles were the only fuel type not to record price growth, with average prices dipping 0.1% MoM, and 16.8% YoY. That’s despite exceptionally robust levels of consumer demand – up 56% year-on-year.

In contrast, both petrol (£14,955) and diesel (£14,659) cars saw average prices rise 1.4% MoM, despite recording demand of 8.4% and -5.7% respectively.

However, younger EVs outperformed the market. The average price of 1–3-year-old EVs rose 2.5% on March, whilst petrol cars of the same age increased 2.3%. It marks the first MoM increase for EVs of this age since October, and the largest monthly growth since January 2022.

Auto Trader said the figures for younger EVs highlight how nuanced the used car market remains, and the strength of this age cohort for used electric.

Across the market, the average price of a used car was £16,703 in April, down 9.3% year-on-year, but up 1.1% month-on-month in line with seasonal norms. And Auto Trader said robust consumer demand is fuelling an uptick in used car sales, with transactions up c.6.3% year-on-year in April.

Rachael Jones, Auto Trader’s automotive finance director, said: “We saw a strong start to the year, and based on what we can see in the market, it’s continuing confidently into the second quarter. Demand is robust, cars are selling quickly, and more are being sold. Average retail prices remain down year-on-year, but April’s month-on-month growth is a positive sign of the market returning to seasonal norms and stabilising. The market also remains incredibly nuanced, and a granular view reveals some particularly promising trends, particularly within the 1–3-year-old electric segment.”

Much quicker turnaround for used BEVs, says MotoNovo Finance

Electric vehicles stayed in stock almost half the time as ICE models in Q1, according to MotoNovo Finance.

Its Used Inventory Insight report reveals that while battery electric vehicles (BEVs) were in stock for an average of 32 days, ICE models were stocked for 59 days.

The business, one of the UK’s largest used vehicle stock funders, said its data makes it “ abundantly clear” that at an average trade purchase price of £21,097, dealers have been able to find willing BEV buyers quickly, based on the rapid stock turn.

It also notes the overall price comparison with ICE cars; in stock for an average of 59 days, with an average dealer purchase price of £14,451, the overall car parc is older and cheaper. However, there are signs that price parity between EVs and ICE cars is emerging on an age like-for-like basis.

Chris Rowthorn, director of motor sales operations at MotoNovo, said: “In the face of increasing new EV supply, growing price competition and the pressure created by the Government’s ZEV mandate targets, there is the potential for used EV values to decline, making them more affordable in the future. Factor in the fact that EVs have fewer mechanical parts to go wrong and that with a home charger, they are typically cheaper to run than an ICE car, and the potential for increased demand for EVs is evident.”

Aston Barclay reveals April’s most desirable used EVs

The Jaguar I-Pace came in second in Aston Barclay’s April’s index of the top 10 most desirable used EVs

Aston Barclay says car buyers are embracing the latest EV models when they reach the second-hand market for the first time.

Its April index of the top 10 most desirable used EVs included the Tesla Model Y, Audi Q4, Polestar 2, Škoda Enyaq and Vauxhall Mokka-e. The index which determines the hottest models being sold across Aston Barclay’s auction network, saw half of April’s top 10 table taken up by new models launched over the past 24 months.

The Mercedes-Benz EQC topped the April EV index, closely followed by the Jaguar I-Pace in second and the Tesla Model 3 in third place. Generally, dealers continue to buy higher value used EVs such as the EQC and I-Pace to satisfy sold orders, while the Tesla Model 3 and Kia Niro are now seen as stock EV models dealers park on forecourts to cater for driver demand.

“Not everyone can get behind the wheel of the latest model EV when it is first launched and instead, they look out for the car once it reaches the used market at two or three years of age,” explained Nick Thompson, Aston Barclay’s chief customer officer.

“Dealers are specifically targeting these new model EVs at auction in the knowledge they will sell quickly once they reach their forecourt. It is another welcome sign that used EVs are starting to behave in a similar way to ICE cars when they reach the used market which will continue to build confidence with dealers and buyers,” he added.

Aston Barclay’s monthly desirability index takes into consideration three key metrics: web views prior to sale, number of physical and online sale bids, and sale price achieved as a percentage of CAP average.

Aston Barclay’s April’s index of the top 10 most desirable used EVs