Used electric car prices have considerably fallen with models £25,000 cheaper

GB News guests debate using electric cars in 2022

Used electric car prices have dramatically fallen with some vehicles down over £25,000 in 12 months.

Costs have plummeted since October 2022 with some models losing over half their total valuation since last year.

According to experts, the drop is creating an “affordable option” for cash-strapped motorists wanting to make the EV switch.

The decline has been blamed on a surge in second-hand EVs hitting dealerships across the UK.

Speaking to Express.co.uk, Fiona Howarth, CEO of Octopus Electric Vehicles said: “Demand was just outstripping supply, people couldn’t make them quick enough.

READ MORE ‘I’m a car expert – used electric car prices will soon fall for this reason’

“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 percent 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 percent while the Nissan Leaf and Volkswagen UP have dropped more than 42 percent of their value.

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In cash, the Audi e-tron GT has fallen £27,629 with the Mercedes EQC down £20,275.

The Audi e-tron Sportback and Jaguar I-Pace are both down over £18,000 since last year while Tesla has also taken a blow.

The American EV giant’s Model Y dropped £17,300 in value while the Tesla Model 3 was down over £15,500.

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.”

Auto Trader’s Retail Price index showed prices were flat in September after a staggering 12 consecutive months of decline. According to the motoring group, used EV costs were down a massive 19.6 percent year-on-year.

Demand for second-hand electric models continues to soar with a whopping 78.4 percent increase this October. AutoTrader also claims used EVs are leaving the forecourts in just 23 days, the fastest rate since December 2018.

Mark Oakley, director of AA Cars said: “While EVs are more expensive than comparable petrol or diesel models, each month also sees thousands of second-hand and nearly-new EVs and hybrids make their way into the used market – which offers a more affordable option for potential buyers.

“Time will tell if the Government’s decision to delay the ban on the sale of new petrol and diesel cars to 2035 will put a speed bump on the road to wider EV adoption.”

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