Used electric vehicle prices made a comeback at the end of 2023, data from Autorola reveals.

Autorola UK’s group sales director Jon Mitchell

Prices for EVs sold on its MarketPlace online remarketing portal rose by 12.5% (£2,522) from £20,067 to £22,589 between Q3 and Q4. Average age fell from 31 to 27 months but mileage rose from 19,899 to 21,751 miles.

It’s the first used EV price rise Autorola has seen since Q3 2022 – and time will tell whether it’s a blip or the start of a new trend.

Autorola also saw the market share of EVs sold online rise from 1.5% to 3.6% from Q3 to Q4.

Autorola UK’s group sales director Jon Mitchell said that EV volumes are still very small when you consider 64.5% of the used cars that the company sold in Q4 were petrol and 22.3% diesel.

But he added: “The number of dealer bids on used EVs received in Q4 rose, particularly on the sub-£20,000 models. Average EV mileage also continues to rise which shows electric driving patterns are starting to fall more into line with ICE cars. Time will tell whether prices will remain at this new level.”

Autorola also noted all-time highs for average age and mileage on used ICE cars sold by dealers on its portal in Q4 2023. These rose to 47 months/29,204 miles and 51 months/38,552 miles respectively – providing a further sign of older cars washing through the system as new car supply continues to improve.

“We have seen the average age of stock sold online continue to increase since Q1 2022 and we anticipate it will take another 12-18 months before this age profile begins to fall,” said Mitchell.

AA Cars Used Car Index shows falling EV and ICE values

Autorola’s used EV data shows a marked difference from the latest AA Cars Used Car Index, which reveals falling prices for both EVs and used cars across the board.

AA Cars’ analysis of the cost of the most frequently searched-for used cars on its site found the average prices of the UK’s most popular used cars fell by 3.3% in the final three months of 2023 compared to the previous year.

The average price of the most popular second-hand cars was £16,464 during October, November and December, down from £17,021 a year ago. Average prices were £17,218 in the three months prior, during July, August and September.

The 3.3% fall in prices in Q4 followed an annual increase of 3.4% the previous quarter.

Meanwhile, prices for the top 20 most searched-for used EVs and hybrids fell by 5.9% over the year to Q4 2023. The average price of the most popular EV and hybrid models listed for sale on AA Cars in Q4 was £20,392, down from £21,673 over the same period in 2022.

The hybrid Toyota Yaris is the most popular EV or hybrid on AA Cars, and its price fell by a modest 0.4% in Q4 2023 compared to Q4 2022. Prices for other EV and hybrid models fell more sharply as more used examples came onto the market and supply increased.

AA Cars’ data on most searched-for EVs and hybrids in Q4 2023, with annual price changes