Used electric vehicle prices rise as demand increases

Used electric vehicle prices rise as demand increases

Prices for used electric vehicles (EVs) and hybrid models have increased by seven per cent in a year, reports AM Online.

The figures, taken from the first three months of 2016, are based on recent data from Auto Trader. It shows that the prices of used EVs rose by £750 year-on-year, while hybrid models rose £1,683. This gave the overall used alternative fuelled car price a boost of £1,502 — a seven per cent rise since Q1 of 2015.

If you’re thinking of plugging in to the electric car market, be sure to check you have adequate levels of insurance to cover your new stock. As well as your general motor trade insurance, you may also want to consider upgrading to a combined motor trade insurance policy, which protects the facilities as well as the contents of your site.

The alternative fuelled vehicle (AFV) market continues to grow, with new registrations growing 40 per cent year-on-year. AFVs now claim an overall market share of three per cent for new vehicles. What’s more, pure EV registrations have grown by 50 per cent since last year.

Auto Trader said March 2016 was a very good month for AFV sales, with a 27 per cent increase in the number of online advert views compared to the previous year.

Karolina Edwards-Smajda, the retailer and consumer products director at Auto Trader, said: “While we are seeing more used AFV turning up on dealers’ forecourts, the increase in ad views points to more consumers than ever looking to buy.

“Used AFV values are rising significantly with a four-digit increase as buyers are drawn in by low fuel running costs, current road tax rates that mean AFVs are often free to tax and, for some, exemption from the London Congestion Charge.”