INDICATA UK reveals 44% fall in used EV values
Electric car values in the three-year old category have fallen by nearly 44% in just 18 months.
This is according to INDICATA UK’s latest Market Watch report.
It revealed that used electric vehicle prices fell two per cent in June alone compared to a 0.1% fall across the wider used car market. This means price parity between used EVs and used ICE models is getting nearer.
The report also revealed that falling prices have led to a rise in demand for used EVs, with Market Day Supply (MDS), which is derived from dividing available supply by sales rates, falling to 50 days in early July. This is only slightly behind hybrids (47.5), diesel (45), and petrol (41) MDS.
Meanwhile EVs accounted for a 9.3% share of the used car market in June, behind diesel (10.8%), hybrids (30.6%), and petrol (49.1%).
44% fall in used EV values
Dean Merritt, INDICATA UK’s head of sales, said:
“Our latest used EV trends do not make enjoyable reading for leasing companies who have got used cars to sell at the end of customer contracts. The good news is that consumer demand for used EVs continues to increase as prices get cheaper as they continue to find their feet in the used market. However, it remains a slower process than most would like.”
