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Rising demand for used EVs, prompted by falling prices, has led to a significant drop in the supply of the vehicles to the market, according to Indicata UK.
The analysis company said that the market days' supply - a calculation based on the balance between supply and demand - for EVs had fallen from 169 days to 69 days between 1 January and early April.
It said this was fuelled by a 19.9% fall in prices during that time, with EVs also accounting for their highest ever share of the overall used car market in March at 2.96%, which Indicata said was encouraging news for fleets and dealers.
Group sales director Jon Mitchell said: "The fall in used EV prices has certainly breathed life into the market and has helped fleets and dealers shift some aging stock.
"Dealers are prepared to buy used EVs now that prices have fallen as they represent less of a financial risk for their businesses.
"The used EV market is moving which is good news just as fresh supplies of de-fleeted cars and part exchanges arrive in the market following the March plate change."
Despite the encouragement, the market days' supply figure for EVs remains higher than that for petrol (40 days), diesel (43 days), and hybrid (49 days) cars, which Indicata said suggested a further fall in prices could be needed to fuel demand.
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