Price of second-hand EVs reach record levels

Auto Trader's Retail Price Index has shown that while the average rate of price growth of a used car has slowed to an almost two year low of 1.5%, prices of pure electric vehicles (EVs) are growing at a rate of 11%

The decline has been felt most by second-hand diesels with growth now slowing to just 1.3%. Average diesel sticker-prices have fallen to £14,306; the lowest since August 2017.

Petrol has slowed from 2.4% in March, to just 1.6% last month, the lowest rate since October 2016. The average sticker price of a petrol is £11,200, gaining on last month’s £11,186.

With an average sticker price of £21,560 in April, used alternatively fuelled vehicles (AFVs) grew at a rate of 4.7%, up from last month’s 3.7% and, indeed, the highest rate of growth since August 2018. Pure electric is performing the best at £23,361, the highest price to date. EVs are growing at a double-digit rate (11%).
The growing prices of low-emission vehicles can be attributed to supply and demand, says Auto Trader. AFVs currently account for just 1% of stock listed on its website, whilst petrol and diesel account for 52% and 47% respectively.

“When it comes to low-emission vehicles, the industry is facing a Catch-22 situation. The growing appetite of AFVs offer the industry a great opportunity for growth, but for mass adoption, the average price needs to be more accessible to more people. However, with so few vehicles in the market, even second-hand cars are being pushed out of financial reach for most consumers,” explains Karolina Edwards-Smajda, Auto Trader’s Director of Commercial Products.

Searches for diesel cars is at an all-time low The numbers of people searching for diesels continues to decline, with just 41% of all fuel related searches on Auto Trader for the fuel type. Petrol is gaining the share lost by diesel, accounting for 52% of all fuel related searches. Searches for AFVs remains flat at 7%.