Used EV prices continue to stabilise and market share record in Feb

Average used electric vehicles have plateaued at the end of 2024 and into 2025, while sales reached record levels in February, according to industry reports. 

The latest data from Marketcheck shows that when looking at fiscal quarters, in 2023 the average last listed during 2023 for a used EV (excluding the first quarter) was £28,843.61.

By 2024 this fell by almost 14% to £24,839.93. Price per quarter ranged from £27,776.33 to £29,978.50 in 2023.

In 2024 the average last listed price ranged from £25,844.33 to £24,059.18.

Alastair Campbell, UK strategy lead at Marketcheck, said: “Our data have revealed a significant drop in the price of a used EV prior to July 2024. It now appears that may be over as the market value has stabilised.

“Marketcheck will continue to analyse any emerging trends in the used UK car market."

Over 6% market share for used EVs in February

Meanwhile new data from the latest Indicata Market Watch report shows used EVs accounted for 6.3% of all used car sales in February.

Used BEVs comprised 8.5% of total used dealer stock moving into early March, which is a record, but dealers are experiencing a balance between demand and supply which is giving them confidence to increase their zero emission car stock levels.

The used car industry has been waiting for price stability and that seems to have arrived with used BEV prices changing between August 2024 and February 2025 within a range of just 0.7%.

There is no hiding the fact that used BEVs have fallen on average in value by 40.9% since January 2023, which is four times the amount used petrol cars have fallen by (9.5%) in the same period.

However, Indicata is experiencing more dealers looking to buy used BEVs from its MarketPlace wholesale platform as dealers build their stocks in response to growing consumer demand.

The £10-25,000 bracket is the current sweet spot in the retail BEV market, which has kept prices strong while dealers remain cautious at stocking BEVs at more than £50,000 which reflects reduced consumer confidence at this price level.

Dean Merritt, Indicata UK’s head of sales, explained: “The used BEV market continues to make baby steps in line with consumer and dealer confidence levels.

“The increased sales and price stability from our latest Indicata report confirms the foundation is growing stronger for used EVs, which is positive news for the entire industry. 

“Without a viable used market, new zero emission sales targets will not be met.

“The wholesale and retail markets are now more in line with one another as we move into spring and summer which is another move in the right direction.”