Dealers are actively seeking used EVs priced between £8,000 and £18,000. Credit: Summit Art Creations / Shutterstock.

Used electric vehicle (EV) price has declined 16.5% in the second quarter (Q2) of 2024, according to UK-based independent vehicle remarketing group Aston Barclay’s Market Insights report.

The average price of used EVs dropped to £15,625 by £3,289 ($4,195), with the vehicles being around 35 months old and having an average mileage of 27,141 miles.

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The drop marks the steepest quarterly decline since Q4 2022 when prices fell to £26,483.

This latest price reduction has resulted in used EVs becoming comparable or even more affordable than their internal combustion engine (ICE) counterparts, which has led to an increase in buyer interest.

According to the report, dealers are actively seeking used EVs priced between £8,000 and £18,000 to meet the growing consumer demand.

Aston Barclay’s data from Q2 also reveals positive trends for ex-fleet vehicles. There has been a surge in demand from franchised dealers and car supermarkets, which has driven up the values of these cars by 5.4% (£878) to an average of £15,082.

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These vehicles typically have an age of 40.7 months and a mileage of 34,679 miles.

Additionally, many dealers are opting to retail their part-exchange stock instead of sending it to auction. This has led to a decrease in the availability of younger part-exchange vehicles, aged between 55 and 75 months, in the market.

Consequently, the prices for these cars have increased by 6.7% (£671) to an average of £10,651, with a typical age of 64.7 months and mileage of 57,981 miles.

Aston Barclay chief customer officer Nick Thompson said: “Whilst EVs have seen another quarter of falling prices, they look better value than ever and in July we have seen more bids and higher conversions across our EV stock which is good news for the industry.

“The used market has strengthened considerably after the conclusion of the Euros and the election.”