- Used electric cars in the UK are officially cheaper than the equivalent used diesel or petrol car, according to data gathered by UK vehicle check service, HPI.
- Used EVs are on average 8.5% cheaper than equivalent ICE vehicles after three years, with that figure rising to 14% at the four year mark.
- The significant price drops indicate a high chance of electric cars becoming an even more popular choice on the second-hand market.
Can used EVs help charge the electric transition?
In addition to the cheapest new electric cars becoming even more capable and better value, this data shows that used EVs are also becoming an ever more attractive option, as more consumers look at switching to electric.
While in the year-to-date, over 194,000 brand new BEVs have been sold, HPI data shows that in the first quarter of the year alone, over 41,500 BEVs switched hands on the used market, showing a significantly popular method for EV purchase. HPI’s data shows that used models such as the Jaguar I-PACE, Mercedes EQC, and Tesla Model X are over £20,000 cheaper than their value in summer 2022, with that figure rising to £40,000 less for EVs such as the Porsche Taycan.
A glance at Auto Trader once again highlights these high discounts. A large number of Tesla Model 3s can be obtained under the £15,000 mark, representing a significant saving over a car that would have cost its owner at least £38,000 from new.
Chris Plumb, EV Specialist at HPI, commented:
“The growing availability of second-hand electric models is driving demand as motorists want to reduce their environmental footprint and make significant motoring cost savings due to high diesel and petrol prices. However, switching from traditional petrol and diesel motoring to electric isn’t a like-for-like swap, and certain factors should be taken into consideration before going ahead.”
