Electric vehicle used values rose by 41% during Q1 of 2018 as the overall average used car value rose by 5.3%, according to Autorola.
The findings, derived from data related to sales completed via Autorola’s online platform, showed that the average selling price of an EV was up to £19,789 from Q4 2017’s £13,981.
Autorola conceded that the number of EVs sold was “relatively small”, but added: “It shows that dealers are beginning to consider EVs to add to their stock mix.”
EV’s average age falling from 15 months to just nine months, and mileage almost halving from 6,086 to 3,662 also helped contribute to this price increase, it said.
Autorola’s findings came as Chargemaster’s director of communication and strategy, Tom Callow, told the AM Digitech conference – held at the Hilton Doubletree Hotel, in Milton Keynes, yesterday (April 17) – that “In March, EV’s were the only fuel type to sell quicker than during the same period last year”.
Callow also pointed out the common misconception that residual values are weak among alternatively-fuelled vehicles, stating that a Renault Zoe retains 47% of its value after three years, a Tesla Model S 65% and BMW i3 46% after four years on the road.
Callow said: “There’s a massive profit opportunity there and prices should be looked at more keenly by retailers to see what profit can now be achieved.”
Autorola’s overall used car data for Q1 showed that the average price of a used car had increased by 5.3% with used petrol prices rising 5.6% to reach an all-time high at £8,978, partly due to a lower mileage profile (18,444 v 20,729 miles).
The average used car price rose to £10,008 during Q1 from £9,504 in the last quarter of 2017.
Diesel vehicles returned a slight (0.3%) increase in value to £11,158. However, cars offered in Q1 were, on average, three months older and had an extra 2,700 miles on the clock than those offered in Q4 of 2017.
There was also a significant 48% surge in numbers of diesels being sold in Q1 compared to Q4 2017, reinforcing prices are remaining strong despite the increase in disposal volumes, it said.
Jon Mitchell, Autorola UK’s group sales director, said: “Demand for used stock has been very strong during quarter one reinforcing that franchised dealers are turning their attention to selling more used cars as new car sales continue to fall, while independent dealers are simply selling more used cars.
“Diesel prices remain strong despite the higher volumes we saw coming onto our online portal, while used petrol prices have reached an all-time high. The used market has had a very positive quarter one.”