Electric cars rose in value twice as much as the average used car last month as the fuel crisis turned consumers’ attention towards alternative fuels.
Research by data experts Cap HPI reveals that three-year-old electric cars rose in value 2.4 per cent in October – compared to an average of 1.2 per cent for all other used cars.
Chris Plumb, Cap HPI electric vehicle valuations expert, told Car Dealer: ‘While it’s difficult to attribute all the strength that we have witnessed for battery electric vehicles on the recent fuel shortages along with the rising costs to fill up at the pumps, it certainly has helped to pique consumer interest.
‘In addition, against the backdrop of reduced supply of vehicles in the used market, some retailers have turned their attention to stocking EV’s to fill gaps on the forecourt and have been pleasantly surprised at how they have performed.’
Used car prices have grown 30 per cent so far this year, but are starting to plateau.
Cap HPI’s head of valuations Derren Martin told Car Dealer last week that seasonal changes are starting to see the huge price rises recently experienced begin to fall back.
However, electric car price rises were the strongest during October and while the petrol shortage played a part in interest surging, the valuations team believes consumers are also beginning to become more interested in EVs in general.
Plumb added: ‘A continuing trend that we have seen of late is the strong price performance of electric vehicles aged between three and five-years-old, mainly due to the lower and more palatable price point when compared to the nearly new vehicles currently on offer.’
Cap HPI has provided data on the top 10 electric used cars that rose in value the most in October.
Top 10 electric car price rises
Price rises in October compared to previous month
1. Nissan Leaf – up 10.3 per cent
Up £1,030 on average in October
2. Peugeot Ion – up 4.5 per cent
Up £225 on average in October
3. BMW i3 – up 4.3 per cent
Up £733 on average in October
4. Smart FourTwo electric – up 4 per cent
Up £346 on average in October
5. Volkswagen Golf Electric – up 3.8 per cent
Up £600 on average in October
Read more: CarDealer