Used electric car prices plummet: 10 worst affected models revealed
Used Tesla prices fell by as much as 21% in the last 12 months, while electric models from Audi, Mercedes and Jaguar saw declines of up to 14% as demand for used electric cars cools.
Used electric car prices have fallen sharply in the last year, with Tesla models especially hard hit.
That makes it a pretty challenging time to sell a used EV, although those in the market for a second-hand electric car could snap up a relative bargain.
Interestingly, this isn’t the case for most petrol and diesel motors, where second-hand prices haven’t really changed over the last 12 months.
So, what’s going on?
Used electric car prices hit by higher running costs, more choice
In short, the number of people looking to buy a used electric car is far lower than it was a year ago, which means prices needed to fall to attract buyers.
There are a number of reasons behind this drop in demand.
First and foremost, there’s no escaping the fact that electric cars are far more expensive than fuel-burning motors.
Given we’re in the middle of a cost-of-living crisis where people are struggling to make ends meet, it’s understandable that car buyers are looking at cheaper motors instead.
And it’s not just the upfront cost that’s putting buyers off: household energy costs have doubled in the last year, meaning it’s far more expensive to keep electric cars charged.
The same isn’t true for petrol and diesel prices.
While these obviously jumped sharply following the start of the war in Ukraine, pump prices are back to pre-war levels today.
Another factor driving down demand is the sheer number of used electric cars to choose from.
Demand for new EVs has been soaring for years now, and we’re now seeing a flood of used models for sale as those buyers look to offload their motors and upgrade to the next new model.
Speaking of new models, there are many competitive deals out there (especially via leasing) at the minute, meaning a lot of motorists who do have money to spare are opting for a shiny new EV rather than a used model.
Throw all these factors together and you have a dramatically different market compared to a year ago.
And Used electric car prices are plummeting as a result.
Used electric car prices: what’s your EV worth now?
Tesla’s have generally seen the biggest drops.
Data from Cap HPI shows the price of a typical Tesla Model 3 has fallen by almost £10,000, or 21.4%, over the last 12 months.
Model S prices are down almost £18,000 (20.5%), while Model X owners have seen their value fall almost £13,000 (12.9%) during that time.
Looking at other popular car models, the Jaguar i-Pace has typically seen around £7,800 knocked off its price, while BMW i3’s (£2635) and Renault Zoe’s (£1,538) have also fallen, but at a slower rate.
We’ve rounded up 10 of the biggest fallers of the last year below. All figures are from Cap HPI.
|Car make/model||Price drop since Jan 2022||% drop since Jan 2022|
|Tesla Model 3||£9,900||21.4%|
|Tesla Model S||£17,916||20.5%|
|Tesla Model X||£12,829||12.9%|
|Audi e-Tron Sportback||£5,663||9.2%|
These are obviously just broad figures.
The exact amount your motor’s value has changed will vary based on the specific year, model, mileage… even colour.
If you’re thinking of selling your car, or are simply curious about how much you could get for it in the current market, you should take advantage of the various instant online valuation services out there.
Pretty much all the major car-buying sites will give you a quote in a matter of minutes. All you need is your reg number and mileage.
Each car buyer will likely value your car differently, so it’s worth sorting a few to get a more accurate picture or your car’s worth.
We’ve rounded up all the major players below, with links to our detailed review of each and to the various instant online quote pages.