8:11 am, March 5, 2025
The price of used EVs plummeted in February with Teslas in particular seeing their value fall through the floor.
That is according to new data from Motors, which has published its latest Market View analysis, covering the second month of the year.
The firm’s research found that second hand electric cars cost an average of £25,177 across its platforms last month, a year-on-year dip of 13%.
The figure also represented a 2% slide on January’s result, with four of the five biggest price drops coming from electric models.
The biggest drop of the month overall was the all-electric Mini hatchback (3 to 4 years), which was down 5.6% to £14,249.
After that, the data makes for bleak reading for Tesla owners, with the Elon Musk-led outfit taking up three of the next four spots.
The Model 3 (3 to 4 years) was down 5.4% to £20,859 while the Model Y (2-3 years) dipped 4.9% to £29,639.
Meanwhile, older versions of the Model 3 (4 to 5 years) were the fifth biggest faller, down 4.2% to £19,009.
The only combustion engine vehicle in the top five was the fourth placed Vauxhall Grandland petrol (under 1 year), down 4.8% to £21,421.
Recent research has found that Musk’s increased political involvement may be harming Tesla’s popularity, although this theory was questioned on a recent episode of the Car Dealer Podcast.
Continued price reductions have encouraged dealers to grow their Tesla stocks, which were up 4% compared to January and 77% against the same period last year.
Overall, the average price of used Teslas on Motors has now fallen 22% since February 2024.
Reacting to the findings. Lucy Tugby, marketing director at Motors, said: ‘Our Market View data shows that ongoing price reductions have encouraged more dealers to add Teslas to their stock mix.
‘With Tesla Model 3 prices averaging £20,300, these vehicles are becoming more affordable for consumers.
‘We will closely watch demand metrics as Tesla faces off against an increasing number of EV options from both emergent and legacy brands.’
February’s biggest fallers
1: Mini Hatch
- Age Band: 3-4 years
- Fuel Type: Electric
- Avg Price: £14,249
- % Change: -5.6%
2: Tesla Model 3
- Age Band: 3-4 years
- Fuel Type: Electric
- Avg Price: £20,859
- % Change: -5.4%
3: Tesla Model Y
- Age Band: 2-3 years
- Fuel Type: Electric
- Avg Price: £29,639
- % Change: -4.9%
4: Vauxhall Grandland
- Age Band: 6 months to 1 year
- Fuel Type: Petrol
- Avg Price: £21,421
- % Change: -4.8%
5: Tesla Model 3
- Age Band: 4-5 years
- Fuel Type: Electric
- Avg Price: £19,009
- % Change: -4.2%
From a dealer perspective, stock volumes in February were down 8% on January, from 53 to 49 units, in line with 50 units last year.
The drop is on the back of dealers moving to restock in time for January with car supermarkets down 12% from 201 to 177 units and franchised dealers down 14% from 60 to 52 units. Independents remained unchanged at 37 units.
Average advertised prices realigned in February, down 1.2% (£222) to £17,685, having hit a 14-month peak of £17,907 in January, but up 3.7% (£632) on February 2024.
The drop was driven by car supermarkets which were down 1.4% MoM from £17,331 to £17,090, while franchised dealers were up 0.8% MoM at £24,441 and independents increased 1.1% to £12,799.
Based on fuel type, diesels were down 1.3% to £15,012, followed by hybrids down 1% to £25,072 and petrol dipped 0.9% to £16,833.
Overall, consumer demand was brisk with days to sell improving from 36 in January to 34.5 in February, with franchised dealers achieving the fastest sales at just 24 days.
‘February saw dealers trading through the inventories they had built in January, with buyers benefiting from some competitive prices, as witnessed by faster sales,’ Tugby added.
‘These dynamics left many dealers well placed for the March plate-change where the influx of trade-ins and part exchanges from the debut of the 25-plate will carry momentum into the second quarter.’
