Used car prices are still 79% above pre-pandemic levels, according to new figures from DoneDeal.
The figures show that, while the annual rate of inflation has slowed to 10.7% - the lowest rate since 2020 - prices are still much higher than before the pandemic.
That represents a 127% increase compared to the same period last year.
The share of new EV registrations also continues to grow - with 5,009 new EVs registered in the second quarter of the year.
EVs and hybrid cars now account for 51.3% of new cars registered in Ireland.
Economist and report author Dr Tom Gillespie told Newstalk Breakfast prices are still quite high.
"Prices have slowed to their lowest level since before the pandemic," he said.
"2018/2019 would have been a normal year where price inflation would have averaged around 1%.
"In the last quarter they slowed to .9%, but they're still almost 80% above pre-pandemic levels".
Dr Gillespie said used car stock is also on the rise.
"There was an increase in stock of about 7% in the last quarter, and in the quarter before it increased again," he said.
"It's still an issue getting cars from the UK - the share of imports from the UK has dropped down to 28%.
"That used to be 93% in 2020; so there's been a huge decline in the cars we get in from the UK.
"We're getting them from Japan and other parts of the world where they drive on the left-hand side of the road".
Dr Gillespie said electric vehicles have really accelerated in the Irish market.
"EVs and hybrids now account for over 50% of the market for new cars," he said.
"That was 18% in 2020 and only 6% in 2018.
"There was 5,000 EVs registered in the second quarter of this year, which is up 127% on the same time last year.
"This is starting to trickle into the used car market now,” he said.
"The used car market was really, really small in the last few years... but now in Q1 there was a tripling in the number of EVs on DoneDeal.
"Just over 1,500 compared to 500 in Q4," he added.
There were 19,440 new cars registered in the second quarter of 2023, representing a 27.4% increase on the same period last year.
