Used EV prices made a comeback during the last quarter of 2023, according to online marketplace Autorola.

Prices on its MarketPlace portal rose by 12.5% (£2,522) from £20,067 to £22,589 between Q3 and Q4 as average age fell from 31 to 27 months and mileage rose from 19,899 to 21,751 miles.

Autorola said this is the first used EV price rise it has experienced since Q3 2022, and that time will tell whether this was a blip or whether used EV prices are now on the up.

Autorola UK’s group sales director Jon Mitchell explains: “We saw the market share of EVs sold online rise from 1.5% to 3.6% from Q3 to Q4. EV volumes are still very small when you consider 64.5% of the used cars we sold in Q4 were petrol and 22.3% diesel.

“However, the number of dealer bids on used EVs received in Q4 rose, particularly on the sub-£20,000 models. Average EV mileage also continues to rise which shows electric driving patterns are starting to fall more into line with ICE cars. Time will tell whether prices will remain at this new level,” he added.

Meanwhile, the used ICE cars sold by dealers on Autorola’s portal reached an all-time high in Q4 2023. The average age and mileage for used petrol and diesel cars were 47 months/29,204 miles and 51 months/38,552 miles respectively as dealers disposed of unwanted or overage cars as they tidied up stock in preparation for year end.

Autorola said this is a further sign of older cars washing through the system as new car supply continues to improve.

“We have seen the average age of stock sold online continue to increase since Q1 2022 and we anticipate it will take another 12-18 months before this age profile begins to fall,” said Mitchell.

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