Used electric vehicle (EV) prices rose by 3% in July, overtaking hybrids for the first time since February, according to the latest Market View from Motors.
The increase follows a surge in EV searches after the government’s announcement of the new Electric Car Grant.
The average price of a used EV climbed to £24,949, up £771 month-on-month, marking the second consecutive monthly rise.
Although used vehicles were not included in the grant scheme, the announcement drove significant consumer interest across Motors’ platform.
Nearly new EVs saw the most notable change, with listings up 7% month-on-month and average prices rising 3% to £32,157.
EVs aged two to five years also increased in price by 3%, reaching £24,324.
Lucy Tugby, marketing director at Motors, said: “We tracked a significant rise in EV searches triggered by the Electric Car Grant announcement, with buyer interest raised even though used cars were excluded from the government’s scheme.
“An influx of defleeted models under two years old also generated plenty of online activity.”
Tugby said that while the average price of a used EV increased in July, it was still 8% lower than 12 months ago, representing an attractive saving for some buyers considering transitioning to electric.
EVs outpace hybrids for the first time
The report also found that used EVs outpaced hybrids in value, with the average hybrid price recorded at £24,681.
This is the first time since February that EVs have held a higher average price point.
Across the wider market, July was a stable month.
The average price of a used car on Motors rose by 2% to £17,522, an increase of £343 month-on-month and up 1% year-on-year.
Stock levels held steady at an average of 50 units per dealer, while average days to sell remained unchanged at 31.
The Vauxhall Grandland and MG HS were the fastest-selling used cars of the month, each averaging just eight days on forecourts.
Both were petrol models, under six months old and with fewer than 5,000 miles.
The fastest-selling hybrid was the Nissan Qashqai, averaging 11 days, while the Volvo EX30 led the EV category, selling in just 15 days on average.
Tugby concluded: “Against a background of socio-economic uncertainty, the July used car market proved to be remarkably resilient, with dealers achieving solid results as we head into the holiday period when consumer priorities often shift.”