March saw used car prices jump but oversupply is pushing down used EV values

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March continued to see supply outpacing demand for used electric cars, amid a backdrop of rising second-hand car prices and faster selling times. Latest

Latest data published by Auto Trader shows demand across the entire used car market was up 1.0% year-on-year, but this was tempered by rising supply (+5.7% year-on-year).

Used cars are selling quickly, however, and taking an average of 25 days to sell – down two days from February. Petrol cars sold the quickest, taking 24 days.

The average price of a used car in March was £16,915 – up 0.1% month-on-month and marked the second consecutive month of price growth, said Auto Trader.

Typical March price movements see a 0.4% fall, said the company.

Used EVs, meanwhile, continued to experience ‘significant shifts’, said Auto Trader.

Supply of second-hand EVs soared by 54.7% year-on-year, mostly due to the return of ex-lease vehicles, outpacing EV demand growth of +35.9% year-on-year.

This trend is only set to increase, said Auto Trader, as more new EVs are sold.

This ‘imbalance’ is putting downward pressure on used EV prices. Second-hand electric cars prices were down 1.4% month-on-month to £25,190.

Prices for petrol and diesel engines rose to £14,849 (up +0.1% month-on-month) and £14,276 (up +0.8% month-on-month) respectively.

Richard Walker, Auto Trader’s data and insight director, said: ‘March’s data reinforces the ongoing evolution of the used car market.

‘While price confidence among retailers is growing, the market remains dynamic, particularly with the influx of used EVs.

‘Retailers who leverage real-time data and advanced pricing strategies, pricing their cars “retail back”, will be best positioned to optimise margins and maintain a competitive edge in the months ahead.

‘As the used car market adapts to shifting supply and demand trends, a data-driven approach will be essential for retailers to navigate the complexities and sustain profitability in the coming months.

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