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Used EV prices reach record high, Aston Barclay reports

Date: 17 June 2022   |   Author: Sean Keywood

The average price of used EVs has reached a new record high, according to auction company Aston Barclay.

Giving a report to the BVRLA's residual value and remarketing committee, it said EVs sold in Q2 for £31,420 on average, up by £3,340 compared with Q1. However, EVs also represented the slowest fuel type to sell.

Used diesel car values also increased, up by 2.6%, with the average age and mileage of vehicles sold falling by 4.1 months and just under 3,000 miles respectively. Diesel cars were also Aston Barclay's fastest sellers.

Overall used fleet car values were down by 2.3%, which Aston Barclay said was in line with recent Cap valuations. It said that with one third of leasing fleets remaining on extension, it is likely there will be no large stock volumes coming back into auction during 2022 and 2023.

Aston Barclay also reported that retail demand had been subdued in the past couple of months due to rising living costs.

The company's chief customer officer Martin Potter said: "There is a shortage of retail demand currently and this could continue to the end of the year, but we do not predict a dramatic fall in prices as the market remains short of used stock. 

"Ex-fleet stock in particular remains in short supply and rental companies continue to buy rather than sell used vehicles at auction.

"We anticipate the market continuing at its 'new normal' which in cases of the fleet market means prices are still £4-5,000 higher than they were in Q1 2021."