Average UK used prices fell by 3.7% from November moving into December and by 10.2% in the first eleven months of 2023, according to Indicata.

Jon Mitchell, Indicata UK’s group sales director

The fall was driven by the large drop in electric vehicles while ICE cars remained relatively stable.

Battery electric vehicles (BEVs) fell by 34.0% in the first 11 months of 2023 and 3.6% in November.

Used hybrid prices have also struggled in 2023, falling by 17.1% from January and November, with no sign of them or used EVs reaching rock-bottom yet, Indicata reports.

Petrol remained the most robust fuel type during 2023 with prices falling by 7.8% whilst retaining a near 50% market share of sales, well ahead of diesel at 33.9%. EV market share peaked at 3.3% during September but fell to 3.2% in November which helps put into perspective the small numbers still being sold in the used market currently.

“The last three months of 2023 have seen used prices and sales in the wholesale market slow down but in the retail sector dealers have been bullish and have kept prices high on the basis of selling fewer cars but at higher prices,” explained Jon Mitchell, Indicata UK’s group sales director.

“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. It is a fast-moving market which is where our Indicata used car data insights are invaluable,” he added.

Indicata’s league table on the highest-selling used cars was topped by the Vauxhall Corsa in November, closely followed by the Ford Fiesta and VW Golf. Ironically the fastest-selling used cars are either hybrid or EV with the Toyota Prius topping the table again followed by the Mercedes EQE and Tesla Model Y.

“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,” said Mitchell.