Used vehicle prices for some EVs are showing signs of being on par with their ICE equivalent for the very first time, helping to drive buyer interest, according to Aston Barclay.

Nick Thompson, Aston Barclay’s director of sales

Its data indicates that the market seems to be settling down in Q2, signifying potential stability. Figures for Q2 reveal that prices fell by just 1.4% (£329) to £22,100 at an average age and mileage of 30 months and 22,128 miles.

Tesla’s new car price reduction continues to influence lower prices in the used EV market, which is helping fuel demand while remaining the aspirational brand in the sector.

The biggest loser in Q2 were hybrids, which fell by 5.6% (£1,198) to £18,280 despite average age falling to 47 months and 45,786 miles. Following the fall in EV prices, more used car buyers are moving straight to electric from petrol or diesel rather than using a hybrid as a stepping stone, which has reduced demand.

Another notable trend is a shift among buyers to avoid purchasing used cars that need significant refurbishment based on rising repair times and ongoing delays with parts supplies.

The fleet sector has benefited most from this trend as most of the auction stock fall into the NAMA 1 and 2 grading band which is what buyers prefer. Fleet prices fell by just £61 from Q1 to Q2 to £16,643 despite average age rising by one month to 42.2 months and average mileage rising by 2,421 miles to 37,395 miles.

Nick Thompson, Aston Barclay’s director of sales, said: “We have seen used EV prices stabilise in Q2. What is significant is that dealers are reporting that some used EVs and equivalent model ICE cars are reaching price parity which will mean a used EV should appear on more driver shortlists when replacing their next used car.

“The next challenge for the market is the lack of appetite from buyers to purchase used cars in need of major repairs. This will require vendors to revisit their reserve prices or refurb the used car before it goes under the hammer,” he added.