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Average used electric car prices rose by 6.4% in the final quarter of 2023, according to Aston Barclay.
The remarketing company said this followed five consecutive quarterly price falls for EVs, and attributed the rise to a shortage of new sub-£25,000 models in the sector, with the average used EV costing £21,707.
In addition, it said electric was the only fuel type to see average prices rise in Q4, with diesel car prices down by 5.9%, and petrol car prices down by 13.4%.
Aston Barclay chief customer officer Nick Thompson said: "Many leasing companies are seeing a growing number of used EVs coming back from fleet customers. The restricted number of new budget EVs on sale is helping create demand for used cars which will build confidence among dealers looking to stock EVs on their forecourts, many for the first time.
"It will also be interesting to see how used hybrids fare in a market which is predominantly focussed on EVs, while diesel demand carries on unaffected by the evolution of the used market."
Average used diesel and petrol car values are now closer together than Aston Barclay has seen previously, at £7,226 and £7,097 respectively.
Thompson said: "There is just a £129 difference between a 100-month-old petrol and diesel used car, albeit it your average used diesel will have covered 30,000 more miles.
"Overall prices in Q4 saw a major realignment caused by used value guides moving as well as a fall in wholesale demand as dealers managed regular price falls.
"The market has settled down again in Q1 2024, but there could be further price realignment as used cars return more closely back to where they were prior to the 2020 Covid pandemic."
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