Used EV costs made a comeback over the past quarter of 2023, in line with on-line market Autorola.

Costs on its MarketPlace portal rose by 12.5% (£2,522) from £20,067 to £22,589 between Q3 and This fall as common age fell from 31 to 27 months and mileage rose from 19,899 to 21,751 miles.

Autorola mentioned that is the primary used EV value rise it has skilled since Q3 2022, and that point will inform whether or not this was a blip or whether or not used EV costs at the moment are on the up.

Autorola UK’s group gross sales director Jon Mitchell explains: “We noticed the market share of EVs offered on-line rise from 1.5% to three.6% from Q3 to This fall. EV volumes are nonetheless very small when you think about 64.5% of the used vehicles we offered in This fall have been petrol and 22.3% diesel.

“Nevertheless, the variety of vendor bids on used EVs obtained in This fall rose, notably on the sub-£20,000 fashions. Common EV mileage additionally continues to rise which reveals electrical driving patterns are beginning to fall extra into line with ICE vehicles. Time will inform whether or not costs will stay at this new degree,” he added.

In the meantime, the used ICE vehicles offered by sellers on Autorola’s portal reached an all-time excessive in This fall 2023. The typical age and mileage for used petrol and diesel vehicles have been 47 months/29,204 miles and 51 months/38,552 miles respectively as sellers disposed of undesirable or overage vehicles as they tidied up inventory in preparation for 12 months finish.

Autorola mentioned it is a additional signal of older vehicles washing by means of the system as new automotive provide continues to enhance.

“Now we have seen the common age of inventory offered on-line proceed to extend since Q1 2022 and we anticipate it is going to take one other 12-18 months earlier than this age profile begins to fall,” mentioned Mitchell.