Why are used EV prices hitting record growth in July? – Autotrader insights
Used electric vehicle prices rose 3.3% YoY in July, the strongest annual gain on record. Discover the factors behind the surge.
Record growth for used electric vehicles in July
Autotrader’s latest Retail Price Index shows that used electric vehicle (EV) prices posted their strongest annual growth on record in July, rising 3.3% year‑on‑year. The increase follows a modest 1.6% rise in June and flat growth in May, signalling that the market has moved decisively beyond the correction that followed the pandemic‑driven price surge.
Key figures from the July data
Overall, the wider used‑car market recorded a 0.8% year‑on‑year increase, with the average asking price steadied at £17,106. By contrast, the average asking price for a used EV climbed to £24,946 – an increase of £284 on the month.
The strongest month‑on‑month gains were seen in three‑to‑five‑year‑old electric cars, where prices were up 10.2% compared with July 2023.
Demand for used EVs surged 13.9% year‑on‑year, while supply also returned to growth, expanding by 5.7% after a contraction in June. The combined effect meant electric cars were sold faster than their petrol equivalents, spending an average of 25 days on forecourts versus 30 days for petrol models.
Older vehicles continue to outperform
Cars aged between 10 and 15 years delivered the strongest price growth across the whole market, up 7.0% year‑on‑year. This suggests that while newer EVs are attracting buyer attention, value is also being concentrated in well‑maintained older stock.
Top 10 used car price rises
| Rank | Model | Average asking price | Annual change |
|---|---|---|---|
| 1 | Alfa Romeo Giulia | £29,638 | +17.8% |
| 2 | Renault Zoe | £8,979 | +15.6% |
| 3 | Toyota Yaris | £8,492 | +15.0% |
| 4 | Mercedes‑Benz C‑Class | £21,959 | +14.6% |
| 5 | Porsche Boxster | £20,733 | +14.4% |
| 6 | Fiat Panda | £5,650 | +14.1% |
| 7 | Tesla Model X | £28,589 | +12.9% |
| 8 | Toyota Prius | £8,244 | +12.8% |
| 9 | BMW Z4 | £20,944 | +12.5% |
| 10 | Audi RS6 Avant | £64,347 | +12.4% |
Premium market dynamics and buying habits
Autotrader highlighted a shift in buyer behaviour within the premium segment. Attractive manufacturer discounts and finance offers on new cars are prompting some shoppers to opt for brand‑new vehicles rather than pre‑owned ones. Others are either moving into older premium models or choosing volume‑brand equivalents of the same age to stay within budget, which has led to longer selling times for some premium used stock despite healthy supply levels.
Electric models leading the price falls
Even as the overall EV segment shows price strength, electric cars accounted for seven of the ten biggest annual price declines in July.
Top 10 used car price falls
| Rank | Model | Average asking price | Annual change |
|---|---|---|---|
| 1 | BMW i5 | £46,186 | -28.8% |
| 2 | MG MGS5 | £21,462 | -28.7% |
| 3 | Lotus Eletre | £20,974 | -22.0% |
| 4 | Peugeot E‑5008 | £47,917 | -21.6% |
| 5 | Ford Capri | £34,739 | -21.3% |
| 6 | BYD Sealion 7 | £29,547 | -20.7% |
| 7 | Polestar 3 | £29,972 | -20.4% |
| 8 | Ford Puma Gen‑E | £69,077 | -19.2% |
| 9 | Subaru Solterra | £21,697 | -18.8% |
| 10 | Audi A6 e‑tron Avant | £43,214 | -18.8% |
Industry insight
Marc Palmer, head of strategy and insights at Autotrader, summed up the data: “July’s data shows a fundamentally resilient and well‑priced used car market in which electric vehicles are leading the way. Record annual price growth for used EVs, alongside faster stock turn, shows a segment that has moved decisively past its post‑2022 correction, despite a slight softening of demand across the wider market.”
He added, “For retailers, the opportunity lies in recognising where value is concentrating: in EVs, and in older stock aged three years and above, where constrained supply and stretched premium budgets are continuing to support strong pricing.”
What does this mean for buyers and dealers?
The data suggests that used EVs are becoming both more desirable and more valuable, particularly in the three‑to‑five‑year age bracket. Buyers looking for cost‑effective alternatives to new EVs may face higher prices but can also benefit from faster turnover and a broader selection. Dealers, meanwhile, should focus on stocking quality EVs and older premium models to capture the strongest pricing power.
While overall market health dipped 7% year‑on‑year, the resilience of the EV segment provides a clear signal that electric mobility is no longer a niche – it is now a core driver of used‑car profitability.