Expert analysis shows prices on forecourts to be 8.5% lower for EVs; helping drive huge surge in used EV sales
- Values of used EVs have tanked since 2022, bringing prices lower than combustion equivalents
- Used premium models can be on par with new budget cars
- Great value to be had on popular models
- Increased supply of used EVs boosts availability
- Tesla Model 3 tops used sales charts
- Time to go electric?
Electric cars haven’t just hit price parity with petrol and diesel ones – they’re now cheaper. At least on the used market. Experts have revealed that a used electric car is now significantly cheaper than the equivalent petrol or diesel-engined alternative.
The news comes alongside a huge surge in the sales of used electric vehicles (EVs) which has helped fuel a big recovery in used vehicle sales – which see the first six months of 2024 sit just 3% below pre-pandemic levels.
Check out our favourite used electric cars here
Used EVs cheaper than combustion cars for the first time
The price of electric cars is a common complaint and cited as a reason for sales being poorer than car manufacturers need. However, the used market is proving to be the opposite to the world of brand-new models.
Analysis by experts at Cap HPI shows the average electric car is around 8.5% cheaper than a petrol or diesel counterpart at three years old. At four years old, the difference is an impressive 14%.
Read more: carwow
