11:23 am, March 14, 2024
Nearly a fifth of motorists are up for buying a used EV in the next five years because of prices dropping.
That’s according to new research by AA Cars after an online sample of 11,983 UK adults found that 16% of drivers said falling prices made them more likely to buy a second-hand EV in the next five years.
Meanwhile, another 2% said they were more likely to buy one in the next 12 months.
Almost one in 10 drivers (9%) said that when they do buy an EV, it’ll be a new one.
The research follows SMMT figures that showed that used EV sales reached a record high in 2023, going up by 90.9% to hit 118,973. However, they still only comprised 1.6% of the used car market.
Prices for the top 20 most-searched-for used EVs and hybrids on the AA Cars website dropped by 5.9% over the year to Q4 2023.
It said the average price of the most popular EV and hybrid models listed for sale in Q4 of 2023 was £20,392 – down from £21,673 over the same period in 2022.
The Nissan Leaf was the most popular pure-electric car on the site, with its price dropping by 13.5% in Q4 2023 versus the same period the previous year.
AA Cars MD James Hosking said: ‘The average price of used EVs is often higher than their petrol and diesel counterparts, and this can be a major barrier to uptake.
‘As more makes and models enter the new car market, a greater proportion are being made available second-hand, helping to drive down prices.
‘Our research suggests that this trend could help deliver more EV sales in the coming years.’
He added: ‘Switching to a greener vehicle will save drivers money on fuel while also future-proofing them for the further roll-out of clean air zones in cities across the UK, and these factors may also play a part in increasing EV uptake.
‘More incentives may still be needed in the future to persuade cash-strapped consumers to go electric. Speeding up the rollout of the charging network will also help convince drivers that now is the time to switch.’
Most-searched-for used EVs and hybrids in Q4 2023, with annual price changes (AA Cars)
1) Toyota Yaris
Average price in Q4 2023: £17,603
Average price in Q4 2022: £17,665
Annual price change (Q4 2022 to Q4 2023): -0.4%
2) Toyota Prius
Average price in Q4 2023: £14,408
Average price in Q4 2022: £17,436
Annual price change (Q4 2022 to Q4 2023): -17.4%
3) Honda Jazz
Average price in Q4 2023: £18,499
Average price in Q4 2022: £19,911
Annual price change (Q4 2022 to Q4 2023): -7.1%
4) Nissan Leaf
Average price in Q4 2023: £15,687
Average price in Q4 2022: £18,144
Annual price change (Q4 2022 to Q4 2023): -13.5%
5) Kia Niro
Average price in Q4 2023: £22,325
Average price in Q4 2022: £24,590
Annual price change (Q4 2022 to Q4 2023): -9.2%
6) Toyota C-HR
Average price in Q4 2023: £20,514
Average price in Q4 2022: £23,504
Annual price change (Q4 2022 to Q4 2023): -12.7%
7) Toyota Corolla
Average price in Q4 2023: £20,916
Average price in Q4 2022: £24,518
Annual price change (Q4 2022 to Q4 2023): -14.7%
8) Toyota Rav4
Average price in Q4 2023: £27,046
Average price in Q4 2022: £28,569
Annual price change (Q4 2022 to Q4 2023): -5.3%
9) Toyota Auris
Average price in Q4 2023: £12,191
Average price in Q4 2022: £14,666
Annual price change (Q4 2022 to Q4 2023): -16.9%
10) Mitsubishi Outlander
Average price in Q4 2023: £16,050
Average price in Q4 2022: £18,534
Annual price change (Q4 2022 to Q4 2023): -13.4%
