Used EV prices have bottomed out over last six months

Used battery electric vehicle (BEV) prices could finally have bottomed out according to the latest Indicata Market Watch used car pricing insights report.

BEV prices have moved by just 0.8% between July 2024 and January 2025 which translates to just £160 on a typical £20,000 used car.

This comes as sales of used BEVs accounted for a 5.9% share of the total used market in January, which is a record since the Indicata report was launched five years ago.

The trend of stable prices and growing sales comes at a crucial time for the industry as stock of used BEVs reached nearly 8% of all used cars for sale in UK dealerships at the end of January, the highest number on record.

A growing level of used BEV stock coming into the used market would normally create panic with fleet vendors and dealers alike and cause a pricing correction, but Indicata said that currently the mix of stock and price points are "very varied which shouldn’t cause distress with dealers".

Fifteen percent of the sub-two-year-old used cars in the market are now battery electric, while 10% of cars between three and four years of age are BEVs, which brings some stability to the entire used car sector not just that of BEVs.

"Having seen monthly used BEV prices drop by between 5-10% in 2023, a price movement of just -0.8% between mid-2024 and January 2025 shows just how far demand and acceptance for used BEVs have come," explained Dean Merrit, Indicata UK’s head of sales.

"The number of used BEVs coming into the market will continue to grow as OEMs aim to meet their Zero Emissions Mandate targets. But if the balance of supply and demand continues during 2025 and beyond then it gives BEVs the stability they need to settle down and make their mark on the used market," he added.