Used EVs and hybrids achieve price parity amid rising demand, reports Aston Barclay

Used electric vehicles (EVs) and hybrid cars achieved price parity, according to Aston Barclay’s latest Market Insights report for the third quarter.

Both categories experienced price increases, with EVs rising 3.1% (£523) to an average of £17,090, and hybrids up by 2.8% (£478) to £17,103, driven by growing consumer demand for low- and zero-emission vehicles. This marks the first price increase for used EVs in 2024.

Similarly, used petrol and diesel vehicles also reached price parity in Q3, with average prices of £6,843 for diesel and £6,944 for petrol, largely due to a 5.4% (£498) drop in petrol prices.

However, notable differences in age and mileage were evident across fuel types: hybrids averaged 47 months and 42,487 miles, while EVs averaged 38 months and 29,543 miles.

Petrol and diesel cars, in contrast, were older, averaging 107 months/59,495 miles and 106 months/87,311 miles, respectively.

Fleet prices also saw a boost, climbing 2.4% (£373) to an average of £15,455 in Q3, as corporate demand for EVs and hybrids continues to rise.

The increased availability of affordable EV models, such as the Tesla Model 3 now selling for under £20,000, has helped stabilise conversion rates and pricing across the ex-fleet sector over the past six months.

While nearly new vehicle inventory is growing, especially among EVs, the volume of 0-24-month-old cars declined in Q3, contributing to a 5.0% (£1,047) increase in used prices to £21,590.

“The used market continues to change and with used EVs and hybrids and used diesels and petrols reaching price parity this should translate into a more straightforward used car buying decision for consumers,” said Nick Thompson, Aston Barclay’s chief customer officer. 

“It is another positive result for the EV landscape this quarter, with stock volumes and consumer demand both increasing. This spells good news for the leasing companies where the volume of used EVs coming back from contracts continues to rise,” he added.