The prices of second-hand or used EVs have fallen down “considerably” in the last 12 months, with some models now selling for almost £25,000 less than a year before, and some even available to buy at half their original retail cost, according to industry experts.
And experts believe, this decrease, labelled a “considerable fall” of used EV prices, has the potential to spur drivers who have been wanting to make the switch from gas to electric vehicles.
Speaking to Express, Fiona Howarth, CEO of Octopus Electric Vehicles said: “Demand was just outstripping supply, people couldn’t make them quick enough. Now we are seeing more cars coming through so the lead times have come down considerably.
“We are starting to see some second-hand cars come out now as well. They are coming off lease from a few years ago. That is starting to create a second-hand market which is exciting.”
Data from CapHPI shows around 30 electric cars have dropped more than 30 per cent of their value in the last 11 months.
The Seat Mii had the sharpest decline with its price down a whopping 50.3 percent. The car is valued at around £9,775 today compared to over £18,500 last October.
The Renault ZOE was down 44.2 per cent while the Nissan Leaf and Volkswagen UP have dropped more than 42 per cent in their value.
Derren Martin, director of valuations at CapHPI told Car Dealer Magazine: “There’s definitely interest from consumers and dealers are certainly buying EVs again, but they’re being selective about what they buy and they’re not stocking many.
“There are some real EV bargains at the moment – some are cheaper than the ICE equivalents.”
The cheaper used EV prices are also being reflected in the sales. The rate of demand growth last month was up by almost 90 per cent year-on-year which is the highest rate of growth ever recorded.