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Used EV prices continued to show signs of levelling off in January, according to analysis company Indicata UK.
It said the average used EV price fell by 0.8% during the month, following a 1% fall in December.
Indicata also said that recent manufacturer-based tactical new car registrations appeared to have started making an impact on the used market, particularly in relation to EVs. Sales of sub-two-year-old used cars were 26.4% higher than in January 2023, with EVs accounting for 9% of this market, with petrol remaining the dominant fuel type at 49.9% and hybrids at 33%, and diesels accounting for only 6.8% of sales.
Indicata said a general rise in used car demand helped to reduce its market days' supply metric figure - derived from dividing the currently available supply of stock by the average daily retail sales rate over the past 45 days - for all fuel types, with EVs falling by 22 days to 66 days in January, although this was still well behind petrol cars on 42 days.
Indicata UK head of sales Dean Merritt said: "The used market has changed a great deal in just the first six weeks of 2024, with all fuel types - not just EVs - selling more quickly. A healthy demand has returned to dealers and consumers alike as they feel more confident that used prices have found their new normal.
"It's interesting to see the impact tactical new car registrations are having on the used market. We will continue to watch this area closely especially if manufacturers are falling short of their ZEV new car mandate commitments later in 2024."
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