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Used EV demand rising following fall in prices, Indicata reports
Date: 16 August 2023 | Author: Sean Keywood
Demand for used EVs is rising after a big drop in values during 2023, according to analysis company Indicata.
It said stock levels of the vehicles at dealers had reached their lowest point so far this year due to this rising demand, which came with prices having dropped by 29% since the year began.
It said this had brought used EV prices more in line with equivalent petrol and diesel models, and that this could be a tipping point for the market.
Indicate said its market days' supply figure, which measures the supply of stock divided by the current sales rate over the past 45 days, had reduced to 52.7 days for used EVs, down from 65 days reported in May, and 168 days at the start of the year.
However, this figure is still higher than those for petrol (45.8 days), diesel (44.5 days), and hybrid (51.1 days) cars.
Indicata UK group sales director Jon Mitchell said: "It seems the massive price fall in used EV values in the past 12 months is finally transferring into improved sales which is reducing stock to more manageable levels.
"While used EV volumes are still much smaller than ICE and hybrid cars these are positive signs that the used market is finding its price level which is good news for both fleets and dealers.
"There is still a lot of education to do before every driver considers a used EV, but these July trends are very encouraging."
