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The market share of used EVs rose above 3% for the first time during April, according to analysis company Indicata.
It said a 0.3% rise in sales of used EVs was driven by a further 2.7% price fall for the vehicles during the month, which meant values had fallen by a total of 21.2% since the start of the year.
Used EV stock levels have moved significantly during 2023, with Indicata's market days' supply (MDS) metric - which measures available stock against sales at the current rate to determine how many selling days the available stock can cover - falling from 168 days to 65 days.
It said diesel was the fastest-selling powertrain type in April with an MDS of 35.8 days, compared with petrol on 46.4 days, and hybrid on 52 days.
Indicata group sales director Jon Mitchell said: "The used EV ecosystem seems to be settling down with falling prices translating into demand and sales which is helping keep stock levels in check.
"What is interesting is the renewed focus on diesel which shows there is still significant demand in a market where fuel efficiency is still a key priority. We saw diesel stock levels fall during April on the back of growing sales."
Indicata said there was also evidence of new car supplies starting to improve following a healthy March plate change, which in April translated into tactical sales by OEMs and dealers of sub-12-month-old cars increasing sharply.
It said overall, used car prices rose by 0.1% in April, fuelled by strong demand for value and prestige models.
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