Used electric vehicle values ‘falling off a cliff’
Used electric vehicle values have fallen by nearly a third in a year, according to new data from the latest AA Used Car Index.
It found that almost all popular electric and hybrid models saw prices fall by double digits in the second quarter of the year compared to the same period in 2024, with average Lexus RX prices down by 31%.
Meanwhile, the Renault Zoe dropped by 21% and the Nissan Leaf by 20%.
Overall, the average price of the most searched-for EVs and hybrids on the AA Cars platform fell by 12.8% year-on-year.
In contrast, some petrol and diesel models have actually seen values increase in 12 months, with Volkswagen Polo (hybrid) 9.4% more expensive than the second quarter of last year, and the Vauxhall Corsa up seven per cent year-on-year. However, the Ford Fiesta dropped 11.7% in value, the Ford Focus fell by 6.6%, and the Ford Kuga (hybrid) lost nearly six per cent in the last three months alone.
Used EV prices
James Hosking, director of AA Cars, said: “Used EV prices have fallen off a cliff in the past year, and for drivers who’ve been priced out of electric motoring until now, this is a genuine turning point.
“We’re seeing a growing wave of supply coming onto the used market, particularly as fleets and leasing firms de-fleet early-generation EVs and hybrids, and that’s giving buyers more choice at more accessible prices.
“The challenge is making sure buyers have the confidence to go electric. Concerns around charging access, battery range and long-term running costs haven’t gone away, and while falling prices are helping to shift EVs from a niche to a more mainstream choice, greater support is still needed to turn interest into long-term adoption.
“Petrol and diesel values, meanwhile, remain mixed. We’ve seen strong demand for newer stock like the VW Polo, but prices continue to fall on older models such as the Ford Fiesta. This volatility shows that while headline prices may be stabilising, buyers are still being highly selective and savvy.”
