The average price of a used electric car in the UK was 34% higher in September 2020 than in the same month last year, according to new data from Motorway.co.uk.
Tesla has had the biggest price increase compared to September 2019, up +11%, equating to an average of £4,746 more per vehicle.
The average price of a used Tesla increased by +3% in September from the previous month, underlining a clear trend in increased demand for cleaner EVs, perhaps for good. T
his marries with new car registrations too, with the SMMT reporting a 184% increase in pure-electric registrations in September compared to the previous year.
With Tesla resale prices surging, the brand could well be one to invest in for the future.
Other brands that tipped the scale in September included Peugeot, Skoda, Mercedes and Volvo – with average prices rising between +3 to 5% on August prices. Peugeot made the top of the list, with the highest rising prices at +6% compared to August, while it is also +7% up on the same month last year.
Motorway has today launched its monthly barometer revealing the average price of used cars valued on its platform each month, as well as the same time last year.
The Motorway Used Carometer uses real, aggregated data from multiple sources to provide a true picture of average prices in the last month, and year, to identify trends for the months ahead. It is based on market valuations of premium used cars on Motorway over £10k, less than five-years-old, with under 50,000 miles on the clock.
Tom Leathes, CEO of Motorway.co.uk said: “Since coming out of lockdown, the used car market has seen incredible month-on-month growth. With an uncertain economic outlook, many people are moving away from buying a new car and choosing used to find more value. And commuters are looking for alternatives to public transport to stay safe – and they’re turning to the second hand market too.
“This combined impact means resilient prices for car sellers with quality used vehicles – and this is borne out in our data. Not only are the majority of brands in our barometer achieving prices higher than the previous month, they are up on the same time last year, before the pandemic hit.
“Dealers, hungry for quality stock they can sell at affordable prices, are also pushing prices up. From Tesla and MINI, to Peugeot and even showstoppers like Ferrari and Lamborghini, sale prices show no signs of slowing down as we near the end of the year.
“Consumers that usually go for new cars have woken up to the benefits of the used car market, and we expect strong market growth to continue long into the future. In highly uncertain times, that is real cause for celebration.”