Used electric car prices have risen by 9.4% compared to the same time last year for vehicles aged three to five years, according to data from Autotrader. In August, the average asking price for these models reached £20,351. Across the entire used EV market, prices have increased by 3.8% year-on-year, marking the third month in a row of annual growth. This follows several years of declining used EV values, signaling a shift in the market. Higher prices in the used EV market could help lower the cost of buying or leasing a new electric vehicle. This is because the predicted resale value of a car affects monthly payments on finance or lease agreements. If used EVs are expected to retain more value over time, the amount that needs to be paid back during the agreement is lower, which could result in reduced monthly payments for new buyers. Several models have seen significant price increases. The Renault Zoe saw the highest rise, with a 11.9% increase in asking prices, followed by the Skoda Enyaq (10.5%), MG5 (10.4%), and Kia Niro (10.3%). Demand for used electric cars has also grown, with an average sale time of 27 days in August. Vehicles aged between three and five years took 26 days to sell, showing that the market is becoming more active. Martin Miller, founder of EV Experts, noted that the time between buying and selling an EV has decreased to under 30 days, indicating rising demand. However, he emphasized that while speed is important, understanding customer needs is crucial to ensuring they select the right vehicle. Octopus Electric Vehicles CEO Gurjeet Grewal called the strong used market a "big win" for drivers, noting a 150% increase in demand for used EVs over the past year. He believes drivers are choosing electric vehicles for their value and technological benefits. The used EV market plays a crucial role in the UK, where second-hand cars make up the majority of vehicle transactions. Record numbers of used battery electric cars have been sold, driven by a growing range of models, lower running costs, and an expanding charging network. However, industry leaders caution that the market is not yet fully stabilized. BVRLA chief executive Toby Poston noted that while consumer demand is encouraging, the used EV market is still adjusting after years of price declines, with consumer confidence still fragile. Ben Nelmes, CEO of New AutoMotive, said the latest figures suggest electric vehicles are becoming more mainstream, with growing demand driven by their value proposition, including lower running costs, better infrastructure, and a wider choice of models.