Used EV sales are at record highs, exceeding those of other fuel types.
According to BCA Valuations, used electric vehicles currently lead all fuel types in first-time sales and show the strongest value retention for both monthly and live pricing.
With the launch of the Electric Car Grant in July, there were industry concerns that used EVs would lose value, but wholesale trading data from BCA Valuations shows this has not been the case. In fact, the guide live pricing for three-year/60,000-mile EVs actually reversed its previous downward trend.
Only 22 models from 8 manufacturers qualify for the Government grant.
Stuart Pearson, BCA’s chief operating officer, said, “We continue to sell more than 1,000 used EVs every week, so supply issues are not driving the daily strong price performance we are seeing in this sector. Many motor trade buyers have realised both the incredible value and the profit opportunity that many EVs represent, given the growing acceptance from consumers for electric vehicles.”
“BCA continues to support our customers trading in the EV sector, introducing unbiased and detailed battery health grading for electric vehicles last year and launching an upgraded EV report certificate this July that includes many new comparative features across similar model/ age/mileage vehicles, for a true indication of condition.”
In July, BCA sold over 5,000 EVs for the first time. Car values remained stable, and market performance slightly exceeded price guide expectations, with sold volumes hitting their highest since March.
Pearson finished: “BCA saw sold used car volumes and guide price performance rise in July, which is almost unheard of during the summer holiday period and a reflection of the changing face of the used car sector.”
