Average price of used EVs and hybrids fall in Q4 2023

Prices for the top 20 most searched for used EVs and hybrids fell by 5.9% in Q4 2023 compared to the same period the previous year, according to the latest AA Cars Used Car Index.

The average price of the most popular EV and hybrid models listed for sale on AA Cars in Q4 was £20,392, down from £21,673 over the same period in 2022.
 
The hybrid Toyota Yaris is the most popular EV or hybrid on AA Cars, and its price fell by a modest 0.4% in Q4 2023 compared to Q4 2022. Prices for other EV and hybrid models fell more sharply as more used examples came onto the market and supply increased.

Overall, the average prices of the UK’s most popular used cars fell by 3.3% in the final three months of 2023 compared to the previous year, according to the latest AA Cars Used Car Index.
 
The most frequently searched for used cars on the AA Cars site found that prices suddenly went into reverse in the final quarter of last year. The 3.3% fall in prices in Q4 followed an annual increase of 3.4% the previous quarter.
 
The average price of the most popular second-hand cars was £16,464 during October, November and December, down from £17,021 a year ago. Average prices were £17,218 in the three months prior, during July, August and September.
 
Just six of the top 20 most popular cars recorded a price increase in Q4 2023, with the cost of a used Vauxhall Corsa rising 7.5% over the year.

Mark Oakley, Director of AA Cars, comments: “The falling prices of many used cars will be welcome news for drivers who are looking to change car and get the best value for their money.
 
“Prices aren’t falling across the board, however, and the third most popular car — the Vauxhall Corsa — saw average used prices rise by 7.5% compared to a year ago.
 
“This means it remains important to shop around and work out what price the model you are interested in typically sells for at different mileages and ages.
 
“The increasing supply of second-hand EVs and hybrids continues to improve choice for drivers and push down prices. While EVs and hybrids typically cost more upfront than a conventionally powered car, switching to a greener vehicle will save you money on fuel while also future-proofing you for the further roll-out of clean air zones in cities across the UK.
 
“Whatever type of car you’re keenest on, it is worth booking an independent vehicle inspection before you buy, to make sure there is not a problem with the car that could cost you more money to repair.”