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Used EV prices fell by 15.3% on average between the start of October 2022 and the end of January this year, according to analyst Indicata.
It said this price drop had proved to be the tipping point to reignite interest from wholesale buyers, with its Market Days Supply (MDS) measure of marketability for EVs falling by approximately a third, to 117 days.
However, this meant used EVs were still taking twice as long to sell as used hybrids, and even compared with than used ICE cars.
Used EV stock levels reached a high level on 1 January 2023 with an MDS of 161 days, up from just 40 days in August 2022 when market demand was very strong.
Indicata UK group sales director Jon Mitchell said: "Just as three to four-year old EVs were coming back into the market the level of younger cars being recycled by OEMs and their dealers increased.
"Simultaneously, the cost of living was rising quickly, and consumers couldn't justify paying two to three times as much for a used EV as an ICE car.
"The result was a rapid fall in demand and prices as part of a major market correction. We expect a few more future adjustments as EVs establish themselves with consumers and dealers as they become an integral part of the used car mix."
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