Used electric and hybrid vehicle values plummet
Prices for Britain’s most popular used electric and hybrid vehicles have fallen by up to 37.5% over the past year.
According to the latest Used Car Index from AA Cars, the three most popular fully electric cars have lost a fifth of their value on average, with the Nissan Leaf down 23.2%, the Renault Zoe down 22.1%, and the Tesla Model 3 seeing average prices fall by 16.4%.
Average age
This comes despite the average age of these models coming down to 4.6 years in the third quarter compared to 4.8 years 12 months ago
Meanwhile, the Lexus RX hybrid recorded the steepest average annual decline on the AA Cars (37.5%), which represents a drop of more than £10,000.
The data from The AA also found that petrol and diesel cars have also seen double-digit value drops, with the average price of the most searched-for petrol and diesel cars on the AA Cars platform falling by 13.1% in the last year.
Sharp decline
James Hosking, managing director of AA Cars, said: “The sharp decline in used EV prices over the past year signals a structural shift in the market. Vehicles that were once out of reach for many motorists are now entering a more affordable price bracket, widening access to electric motoring and accelerating second-hand adoption.
“Price falls are unusually steep in the petrol and diesel market too. Superminis and ageing family hatchbacks have seen the sharpest corrections, with the Ford Fiesta, now discontinued for new-car sales, down 19.5% year-on-year and the Ford Focus down 22%.
“Driving forces behind this drop include the market moving back towards pre-pandemic volumes after years of shortages.”
