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The final quarter of 2023 saw a 12.5% increase in the average price of used EVs, according to remarketing company Autorola.
The firm said the price of the average used EV sold on its MarketPlace portal went from £20,067 in Q3 to £22,589 in Q4, with the average age of the vehicles falling from 31 to 27 months, but average mileage rising from 19,899 to 21,751 miles.
Autorola said this was the first used EV price rise it had seen since Q3 of 2022. Its UK group sales director, Jon Mitchell, said time would tell whether the latest increase was just a blip, or meant prices were now on the up.
He said: "We saw the market share of EVs sold online rise from 1.5% to 3.6% from Q3 to Q4. EV volumes are still very small when you consider 64.5% of the used cars we sold in Q4 were petrol and 22.3% diesel.
"However, 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."
Autorola has also reported all-time highs in both age and numbers sold for used ICE vehicles in Q4. It said the average age and mileage for used petrol and diesel cars were 47 months/29,204 miles and 51 months/38,552 miles respectively, said to be due to dealers disposed of unwanted or overage cars as they tidied up stock in preparation for year end. Autorola said this was a further sign of older cars washing through the system as new car supply continued to improve.
Mitchell added: "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."
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