Used electric cars are now cheaper than their petrol and diesel counterparts, the latest data suggests.
HPI figures reveal average retail prices of electric vehicles (EVs) are cheaper than petrol and diesel vehicles by around 8.5 per cent at three years – rising to 14 per cent at four years. Experts say it marks a significant change in the market.
New EVs are commonly more expensive than their petrol and diesel cars. However, used electric car values have fallen sharply in the past two years, with vehicle check and valuation specialists HPI saying second-hand EVs now provided motorists with a range of potential bargains.
Between June 2023 and June 2024, some 16,300 electric cars were registered in Scotland – around a fifth of all registrations. Of these, 4800 were company cars, and round one in three EVs were registered to an address in the Greater Glasgow region.
Average prices for used EVs have halved in value since September 2022 – equating to a £20,000 price drops for models like Jaguar i-Pace, Mercedes EQC and Tesla Model X, rising to a huge saving of up to £40,000 for luxury cars like the Porsche Taycan. The most popular electric car in Scotland is the Nissan Leaf, followed by the Tesla Model 3 and Model Y.
Chris Plumb, EV specialist at HPI, said: “The growing availability of second-hand electric models is driving demand as motorists want to reduce their environmental footprint and make significant motoring cost savings due to high diesel and petrol prices.
“However, switching from traditional petrol and diesel motoring to electric isn’t a like-for-like swap, and certain factors should be taken into consideration before going ahead.
“The fundamental consideration is can the vehicle be charged – if charging the car at home or nearby then EV ownership is possible. Homeowners with off-street parking will almost certainly fall into this category because there is nothing to prevent them from installing a domestic charge point and topping up the battery overnight. It’s also the cheapest way to charge an EV.
“If on-street, public charge points are close by or at work, then there is still every chance an EV will suit. If home, street or work-based charging are not readily available, then an EV may not be a realistic choice just yet.”
He added it’s essential when buying a used EV to understand its history, advising motorists to undertake an HPI Check Report to flag any worrying information held against the vehicle. These details can be held by finance and insurance firms, the DVLA, police and other industry bodies and are the “first line of defence against vehicle fraud”, HPI says.
Sales of used electric cars were 71 per cent higher in the first quarter of 2024 than in the same period last year, and sales of used hybrids are also increasing significantly. Scotland has in recent years seen take-up of EVs fall relative to the rest of the UK, with Scots cars making up just 6 per cent of the UK electric car fleet.
Plumb said: “An EV provides a reliable and enjoyable motoring experience that provides cost-effective ownership. Drivers looking to begin their EV journey with a used model should start with a HPI Check to ensure they are fully equipped with all the information they need.”
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