10:32 am, August 8, 2024
The average values of used EVs have fallen past those of second-hand cars with internal combustion engines.
That’s according to HPI, which says that new EVs cost more on the whole than the closest petrol and diesel equivalents but used EV values have dropped dramatically over the past two years, giving motorists a bargain.
Prices for a three-year-old Jaguar I-Pace start at around £20,000, whereas a Mercedes EQC can be had for around £25,000 for a 2021 example.
In comparison, 2021 diesel Jaguar F-Paces are on the market for £25,000 to £35,000, while a three-year-old petrol-powered Mercedes GLE is priced at around £30,000 to £40,000, according to Auto Trader listings.
What’s more, the Porsche Taycan can be had for as little as £50,000. Two years ago, the same car would be worth around £90,000, meaning a depreciation of almost half its value.
A petrol Porsche Panamera of a similar age, meanwhile, is currently listed on Auto Trader for £60,000 – a 20% increase.
Vehicle valuation specialist HPI said depreciation hits a car the most in the first three years of its life, with EV prices falling by as much as 8.5% compared with ICE vehicles over that period, rising to 14% after four years.
Chris Plumb, EV specialist at HPI, said: ‘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.’
Examples he cited included the cost of installing a home charger and – conversely – the benefits of a salary-sacrifice scheme.
In July 2024, 18.5% of all new car registrations were EVs with 27,335 sold, according to the SMMT.
Meanwhile, sales of used electric cars in the first quarter of this year stood at 41,505 – a 71% year-on-year increase and generating a 2.6 per cent market share.
