Used EV prices show signs of levelled off in January

Used EV prices continue to show signs of levelling off, according to the January INDICATA Market Watch used car insights report.

Owners of EVs can draw some comfort from average used BEV prices falling by just 0.8% in January, following a 1% fall in December.

Recent manufacturer-based tactical new car registrations appear to have also started to make an impact on the used market, particularly EVs.

Sales of sub-two-year-old used cars were 26.4% higher than in January 2023, with EVs accounting for 9.0% of this market, with petrol remaining the dominant fuel type at 49.9% and hybrids at 33%. Diesel used car sales accounted for just 6.8% of sales.

Generally, a rise in used car demand across the board in January compared with a sleepy Q3 helped forced Market Days’ Supply down across all fuel types. Market Days’ Supply is derived from dividing the currently available supply of inventory by the average daily retail sales rate over the past 45 days, and EVs fell by 22 days to 66 days in January. This compares with petrol at just 42 days.

“The used market has changed a great deal in just the first six weeks of 2024, with all fuel types not just EVs selling more quickly. A healthy demand has returned to dealers and consumers alike as they feel more confident that used prices have found their new normal,” explained Dean Merritt, INDICATA UK’s head of sales.

“It’s interesting to see the impact tactical new car registrations are having on the used market. We will continue to watch this area closely especially if manufacturers are falling short of their ZEV new car mandate commitments later in 2024,” he added.

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