EV prices stabilise after long drop

Rising values add silver lining to cloud of doubt over used EVS, even if not all fare well

- NICK GIBBS

Used electric vehicle prices bottomed out in September and October and even outperformed those of petrol and diesel cars, new data has shown.

And budget EVs such as the Renault Zoe and Nissan Leaf actually rose in value over the past two months, according to figures from market analyst Cap HPI.

This data gives car makers signs of hope after used EV values fell a cumulative 44% in the 12 months to the end of August as used buyers baulked at the high cost of buying an EV.

The whole industry has been watching nervously for signs of health in the used EV market, with many worried that legislative pushes and company-car incentives weren't being matched by consumer pull. Finally, after a grim year, a rosier picture is emerging, albeit with caveats.

"We've seen some stabilisation," said Derren Martin, Cap HPI's director of valuations. The firm monitors used dealers' prices and, based on market evidence, affixes a value on models across a range of age and usage milestones.

Using the industry standard of three years and 60,000 miles, Cap HPI calculated that the values of electric cars fell by just 1% in both September and October the smallest falls in 12 months and better than the 1.9% drop for petrol and diesel models.