Used electric vehicle residual values marked their fourth consecutive month of growth in July, surging by nearly 7% since March.

The latest retail market intelligence from auto data provider Cazana reveals that used EV values at the vital three-year/36,000-mile defleet benchmark rose by 1.6% in July alone. The upward trajectory translates to an average value increase of around £1,500 per vehicle over the last four months.

While petrol and diesel models dipped slightly by 0.1% and hybrids dropped 0.3% in July, the strong performance of electric vehicles effectively prevented average used market drops, providing a vital lift to total cost of ownership (TCO) profiles for commercial fleets.

The uplift was driven by steady buyer demand amid sustained high fuel prices at the pump, delivering much-needed confidence for leasing companies and fleet managers after prolonged EV value declines.

The data from Cazana shows used car market appetite for ex-company cars remains buoyant, with core fleet EVs dominating the list of fastest-selling used vehicles.

Key corporate models – including the Peugeot E-208, Mercedes-Benz EQB, Volkswagen ID.4 and Tesla Model Y – are currently retailing in under 14 days.

Derren Martin, automotive expert at Cazana, said: “Once again, the main story is electric vehicles, which continue to increase in price and sell quickly. With petrol and diesel prices at the pump remaining high as events in the Middle East remain volatile, more and more dealers and consumers are taking the plunge for EVs.”

The Cazana data for July also shows that at the three-year/36,000-mile metric, Renault, Ford and Kia were the top-performing brands, posting a 1% increase in value. Land Rover (-1.0%) and BMW (-0.6%) underwent slight value corrections following previous strong runs.

Hatchbacks led the market for the second month running, with a 1% value increase in July, highlighting steady demand for smaller, economical cars. Conversely, estates and saloons fell by 1% following gains between March and May. Meanwhile, convertibles dropped 2% as seasonal demand shifted toward late summer.

Car supermarkets demonstrated the strongest pricing appetite, increasing advertised retail values by 1.5%.

Franchised main dealers pushed prices up by 0.5%, whereas independent dealers lowered advertised prices by 1.5%.

Derren Martin added: “Looking at the next few weeks, it will be interesting to see if demand drops as the school holidays continue. With volumes on forecourts increasing, it doesn’t seem likely that prices will rise overall, but they should remain relatively stable.”