The cost-of-living crisis in the UK has stalled the demand for used battery electric vehicles (BEVs), INDICATA Market Watch shows.
Sale of expensive BEVs, which were the fastest-selling fuel type in August this year, fell last month as customers preferred buying cheaper petrol and diesel cars.
In September, average used car prices increased by 0.4% and the rise in prices was recorded for the first time in 2022.
On a year-to-date basis, used car prices remained down by 3.5% with the UK being the only country in Europe still to report a price fall in 2022.
Ford Fiesta followed by the VW Golf and VW Polo were the top-three-selling used cars and Skoda’s Kodiaq was the fastest-selling used car.
INDICATA UK group sales director Jon Mitchell said: “Our September report shows just how quickly consumer demand can change. Used car buyers could not justify the price premium of used EVs in September and it will be interesting to see if this trend continues as the cost-of-living rises.
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“The used market remains in a strong position where demand exceeds supply and prices have risen again for the first time in nine months. This looks set to continue until if and when new car production levels start to rise again.”
Earlier this month, online remarketing specialist Autorola UK reported that the average age of used cars is rising due to the shortage of new cars.