The prices of certain used Battery Electric Vehicles (BEVs) and Internal Combustion Engine (ICE) cars have begun to converge in the first quarter of 2024, according to INDICATA.

Titled ‘Reaching used BEV and ICE car price parity,’ the White Paper tracks the retail prices of used cars of all fuel types from 2020 to 2024, focusing particularly on the fluctuation of used BEV prices.

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Dean Merritt, Head of Sales at INDICATA UK, highlighted the importance of price parity in the used car market, said: “Price parity is vital for BEVs…used BEVs are now cheaper than their equivalent ICE models.”

The Paper reveals that used BEV prices peaked in Q3 2022 due to increased demand and a chip shortage. However, prices plummeted afterwards as OEMs flooded the market with discounted new and nearly new BEVs.

In Q1 2024, the White Paper indicates that used BEV prices have stabilised, with only a slight 1.3% decrease during the period. This stabilisation has narrowed the gap between BEV and ICE prices.

The data presented in the White Paper illustrates specific examples of price convergence between BEV and ICE models:

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  • The Peugeot 208 BEV and petrol models reached price parity in June 2023 and maintained it until March 2024.
  • The Vauxhall Corsa BEV was worth more than the equivalent diesel model until March 2024.
  • The MG ZS BEV consistently held a higher value than the petrol model since June 2023.
  • The Citroen C4 BEV reached price parity with its diesel counterpart in May 2023 and remained close in price through March 2024.
  • The Hyundai Kona BEV commanded a premium over the petrol model throughout 2023 and into 2024.

Merritt said: “Some brands have already built up a strong BEV reputation…but generally our data shows prices have moved much closer together.”

The White Paper suggests a notable shift in the used car market, with prices of certain BEVs and ICE cars converging, indicating increasing acceptance and demand for electric vehicles.