The increased popularity of plug-in vehicles is having a substantial effect on used car values, with the average prices continuing to increase in the first quarter of 2016. According to figures from Auto Trader’s Retail Price Index, values of alternative fuel vehicles (AFVs) – which include pure-electric and plug-in hybrid vehicles – have increased in value by an average of £1,502 year on year, a seven per cent increase over the same period in 2015.
The figures are broken down further with battery electric vehicles (BEVs) increasing in value by £750 compared to last year (4.8 per cent), while average hybrid values – including those of plug-in hybrid vehicles (PHEVs) – went up £1,683 (7.8 per cent). In comparison, values of petrol powered cars increased by 8.3 per cent, but equating to +£790, while diesel cars prices dropped by £138 at 1.3 per cent.
The figures come from the car trading website’s research, which tracks trends and changes in supply and demand for different vehicles across all sectors.Electric vehicle market statistics show that plug-in vehicle sales doubled in 2015 from the year before.
Auto Trader saw a jump of 27 per cent in the number of advertisements posted online in March 2016 for AFVs compared to last year. The company also calculates that, despite increasing numbers of models are available on the second hand market, it seems that supply is not keeping up with demand.
Karolina Edwards-Smajda, Auto Trader Retailer & Consumer Products Director said: “While we are seeing more used alternative fueled vehicles 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.
“While both electric and hybrid are growing in value, it’s the hybrid of electric and conventional power that are proving particularly popular with used car buyers. This choice offers the greatest flexibility for a consumer unlike pure electric where the more limited range isn’t suitable for all car buyers.”