Used electric vehicles have recorded their first price rise of 2024, latest data from Aston Barclay shows.

Used EV and hybrid prices are now on a par, with just a £13 price differential

Used EVs increased in price by 3.1% (£523) to £17,090 while hybrid were up 2.8% (£478) to £17,103, as wholesale sales rose to meet increased consumer demand for low- and zero-emission used cars.

Used EV and hybrid prices are now on a par, with just a £13 price differential. Their age and mileage profile, however, are very different with hybrids averaging 47 months and 42,487 miles but EVs recording 38 months and 29,543 miles.

With the majority of hybrids and EVs being onboarded by company car drivers from new, this rise in demand helped contribute to average fleet prices increasing by 2.4% (£373) in Q3 to £15,455. With Tesla Model 3s now selling for less than £20,000, used EVs have helped keep conversion rates and prices across the ex-fleet sector very consistent over the past six months.

At the same time, used diesels and petrol cars reached price parity in Q3 at £6,843 and £6,944 respectively following a 5.4% (£498) fall in petrol car prices. As with EVs, there was a big discrepancy in the mileage profile, with petrols averaging 107 months / 59,495 miles and diesel standing at 106 months / 87,311 miles.

Nick Thompson, Aston Barclay’s chief customer officer, said: “The used market continues to change and with used EVs and hybrids and used diesels and petrols reaching price parity this should translate into a more straightforward used car buying decision for consumers.

“It is another positive result for the EV landscape this quarter, with stock volumes and consumer demand both increasing. This spells good news for the leasing companies where the volume of used EVs coming back from contracts continues to rise,” he added.