FALL IN USED EV PRICES ‘BREATHED LIFE INTO THE MARKET’, SAYS INDICATA

The used car market’s supply of electric vehicles (EV) has fallen 59.1% (100 days) in 2023 thanks to a reduction in prices, according to Indicata UK’s latest Market Watch report.

Group sales director Jon Mitchell said that a 19.9ppt average decline in prices among zero-emissions cars had triggered a decline in supply from 169 to just 69 days during the period to early April, with EVs accounting for a record 2.96% share of the used market.

A statement issued by Indicata described the trend as “extremely encouraging news for fleets and dealers” as a fall in prices has translated into higher demand and sales, and Mitchell said: “The fall in used EV prices has certainly breathed life into the market and has helped fleets and dealers shift some aging stock.

“Dealers are prepared to buy used EVs now that prices have fallen as they represent less brands, accelerating the delivery of our vision to be the Proud Creators of Modern Luxury. of a financial risk for their businesses.”

"We are not losing the Land Rover name; its spirit is – and will continue to be – a crucial part of our DNA."

Speaking at yesterday’s event, JLR’s new chief executive Adrian Mardell reaffirmed the business's commitment to its Reimagine strategy, which he said will reposition the company as a highly profitable electric-first, modern luxury carmaker by 2030.

JLR sought to highlight its £15 billion investment to electrify its UK car manufacturing operations in its announcements.

Indicata’s data showed that, despite the encouraging fall in market supply, EVs remain the slowest-selling used power train type.

The powertrain’s 69 days of supply in the market compares with petrol (40 days), diesel (43 days) and hybrid (49 days).