Used electric vehicle prices bottomed out in September and October and even outperformed those for petrol and diesel models, new data shows.
Budget models such as the Renault Zoe and Nissan Leaf actually rose in value during the past two months, according to figures from used market analyst CAP HPI.
The figures give car manufacturers cause for optimism after used EV values fell a cumulative 44% in the 12 months to the end of August as used buyers baulked at the high costs.
The whole industry has been watching nervously for indications of health in the used EV market, with many worried that the legislative push and company car incentives weren’t being matched by consumer pull.
Finally, after a grim year, a more rosy picture is emerging, albeit with caveats. “We’ve seen some stabilisation,” Derren Martin, director of valuations at CAP, told Autocar. CAP monitors used dealer prices and, based on evidence from the market, affixes a value on individual models across a range of age and usage milestones.
Using the industry standard of three years and 60,000 miles, CAP calculated that electric car values fell by just 1% in both September and October, the smallest fall in 12 months and better than the 1.9% drop for petrol and diesel models.
“Used EV pricing appears to have bottomed out,” Robert Forrester, CEO of dealer group Vertu Motors, wrote in his company’s six-month financial report, published in early October. “A new, more affordable base price has been established and therefore demand and supply are much more aligned.”
However, the overall figure hides some wildly different price fluctuations. “That 1% average doesn’t paint anywhere near the picture,” Martin said.
The Seat Mii was the biggest climber in October, with values up 3%, while the Nissan Leaf, Renault Zoe and BMW i3 all rose 2%. The MG 5 was the winner in September, up 3%, closely followed by the now discontinued Hyundai Ioniq EV.
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