Used EV market turns a corner as values climb for first time in eight months

The used electric car market is showing the firmest signs of recovery in years, with three-year-old EVs posting their first monthly value rise since last autumn.

Figures from Solera Cap HPI reveal that values at the three-year point rose by 1.2%, or around £220 in May, the strongest uplift since September 2022. 

Tellingly, more than three-quarters (77%) of three-year-old battery electric vehicles (BEVs) either increased in value or remained unchanged during May, with the MG 5 (up 6.5%), Mini Cooper (6.4%), Polestar 2 and Tesla Model 3 (both 6.1%) leading the gains.

This growth, driven by the stronger demand for BEVs, means that those aged three to four years are being sold six days faster than equivalent petrol models. Sales may also have been accelerated by some sub-£25,000 pricing.

Separate data from Brego, put the Volvo C40 Recharge as May's fastest-selling three-year-old car overall, at 8.1 days.

Valuations chief, Chris Plumb, credited improving consumer confidence and rising fuel prices, but cautioned that supply is now around 50% higher than a year ago, and premium models such as the Jaguar I-Pace and BMW i5 still face pressure.

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