Electric Vehicles (EV) prices plummeted 34% in the first 11 months of 2023, suffering a 3.6% drop in November alone - highlighting the contrasting fortunes of petrol-fuelled cars, according to new figures from Indicata.

The used car market witnessed a 3.7% decline in average prices from November to December, contributing to an overall decrease of 10.2% in the first eleven months of 2023. Used hybrid vehicles faced challenges too, registering a decline of 17.1% in prices between January and November.

Petrol-powered cars emerged as the most resilient fuel type during 2023, with prices decreasing by a modest 7.8%, allowing them to maintain a dominant market share of nearly 50%, surpassing diesel at 33.9%.

Despite a peak in EV market share at 3.3% in September, it fell slightly to 3.2% in November, underscoring the relatively low volume of used EVs being sold.

Jon Mitchell, Indicata group sales director, commented on the market trends, noting a slowdown in used prices and sales in the wholesale market during the last three months of 2023. However, he highlighted that dealers in the retail sector have remained optimistic, maintaining higher prices by selling fewer cars.

Mitchell explained: “Many dealers have also been building used stock levels by taking advantage of lower wholesale prices predicting prices and demand will pick up again in early 2024.”

In terms of the top-selling used cars for November, the Vauxhall Corsa claimed the top spot, closely followed by the Ford Fiesta and VW Golf. The fastest-selling used cars were hybrids or EVs, with the Toyota Prius leading the table, followed by the Mercedes EQE and Tesla Model Y.

Mitchell added: "The Prius is highly sought after by the private hire trade now that it is no longer in production, and according to our latest data insights, there are just 20 days of supply in the market to meet current demand levels."

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