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Second-hand electric car prices fall as demand dwindles…

PUBLISHED ON: 22/03/2023

Due to an excess of supply in the market, prices of second-hand electric cars are plummeting as more people trade them in.

AutoTrader has found that the average price of a pre-owned electric vehicle has fallen by 13% over the last year to £33,060.

This is because many new cars purchased between 2018 and 2020 are being resold by owners whose financing schemes have ended.

As a result, the number of second-hand battery-powered vehicles listed on vehicle listing websites has risen by 261% over the past year, while buyer searches for electric cars have only risen by 47%.

The decline in used prices has followed a decrease in the asking price of new Tesla cars, the most popular electric car models in the UK.

With parts shortages across the industry easing in recent months, and lower-priced competitors entering the market, cars may even continue to get cheaper as supply improves.

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