Used EV Prices Set to Fall, Offering Buyers Potential Bargains
The used electric vehicle (EV) market is poised for a significant shift, with experts predicting price drops in the coming weeks. This downturn is primarily driven by a surge in EVs returning to the market as leases expire. According to Patrick Cresswell, co-founder of EV specialists ClearWatt, this could present an opportune moment for savvy buyers to purchase an affordable electric model.
Cresswell explained, “March of 2022 broke all records for new EV sales, with more battery-powered vehicles sold in that month alone than all of 2019 – and much of that stock is now hitting the second-hand market, as three-year lease terms expire. We estimate 350,000 used EVs will be sold this year – and up to 40,000 could be in March alone.”
Potential buyers should thoroughly inspect used EVs.
The Society of Motor Manufacturers and Traders (SMMT) reported a 57.4% increase in used EV sales throughout 2024, with 188,382 units sold. This growth is fueled by a combination of factors, including a greater supply of used models and the increasing age of first-generation EVs such as the Nissan Leaf and Renault Zoe.
A 2024 study by Cap HPI revealed that the typical used EV is now priced approximately 8.5% lower than its petrol or diesel equivalent, potentially saving buyers thousands of pounds.
Cresswell also noted the importance of thorough inspection when buying a used EV. He advised, “Prospective buyers can check the vital statistics of any vehicle they are about to buy and how is likely to perform with our EV Check Plus service at ClearWatt.”
This service allows users to input the vehicle’s mileage and registration number to obtain estimates on range, charging costs, and other expenses, based on a comprehensive database of EV performance.
Buyers should also pay close attention to the battery’s condition. Cresswell suggests asking sellers to fully charge the battery before viewing and then observing the indicated range decrease during a test drive. Many popular EVs also feature a battery health display, providing information on the remaining usable capacity.
