In the third quarter of 2024, used electric vehicles (EVs) and hybrids reached price parity for the first time, according to Aston Barclay’s latest Market Insights report.
Both types saw price increases, with EVs rising by 3.1% (£523) to an average of £17,090, and hybrids up 2.8% (£478) to £17,103. The price hikes corresponded with an uptick in wholesale sales to meet growing consumer demand for low and zero-emission vehicles. Notably, this was the first instance of used EV prices increasing in 2024.
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Simultaneously, used diesel and petrol vehicles also reached price parity, averaging £6,843 and £6,944 respectively. This convergence followed a 5.4% (£498) decrease in petrol prices over the quarter.
Despite the small price difference of £13 between used hybrids and EVs, their average age and mileage varied significantly. Hybrids averaged 47 months old with 42,487 miles, while EVs were younger, averaging 38 months with 29,543 miles. In comparison, petrol and diesel cars were both over 100 months old on average, with petrol cars showing lower mileage (59,495 miles) than diesels (87,311 miles).
The report indicates that strong demand for used EVs and hybrids has contributed to an increase in fleet prices, up 2.4% (£373) to £15,455 in Q3. With Tesla Model 3s now available for under £20,000, used EVs have maintained steady conversion rates and prices across the ex-fleet sector over the past six months. Aston Barclay noted that their fleet auctions continue to attract high interest from buyers, particularly for high-graded stock that can be quickly turned around in forecourts.
Though nearly new cars, primarily EVs, are entering the market in greater numbers, auction volumes of vehicles under 24 months old actually decreased in Q3, driving a 5.0% (£1,047) rise in prices to £21,590.
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By GlobalDataAston Barclay’s chief customer officer, Nick Thompson, commented, “The used market continues to evolve, and with used EVs and hybrids and used diesels and petrols reaching price parity, we expect a smoother purchasing process for consumers. This quarter’s trends reflect positively on the EV sector, with both stock volumes and consumer demand on the rise — an encouraging sign for leasing companies seeing an increase in used EVs returning from contracts.”
