EV prices drop to match petrol car prices
【Summary】Used EV prices have fallen dramatically, making them comparable in price to petrol cars. Data from Auto Trader shows that used EV prices stabilized in September and were 22% lower than last year. The availability and affordability of used EVs have driven demand, with prices now similar to traditionally fueled cars. Examples from Renault, Tesla, and Jaguar demonstrate near price parity between EVs and their petrol counterparts.
Falling prices in the second-hand electric vehicle (EV) market have resulted in many EVs being priced similarly or almost the same as comparable petrol models. According to data from Auto Trader, the prices of used EVs stabilized in September after a year-long decline, with prices being 22% lower than the previous year. Additionally, the data showed that the percentage of used electric stock in the £10,000-£20,000 price range increased from 6% in September '22 to 22% in September '23.
Commenting on the trend, Ian Plummer, the commercial director of Auto Trader, highlighted the growing demand for used EVs, which he attributed to their improved availability and affordability. He mentioned that during the third quarter of this year, used EV prices dropped by an average of 22% compared to the previous year, resulting in many models now being priced similarly to their traditionally fueled counterparts. Plummer also noted that while prices are starting to stabilize, the positive sales trend for used EVs is expected to continue, as they now account for approximately 8% of all used car enquiries on the Auto Trader platform.
Plummer provided several examples of near price parity between used EVs and petrol models. In one example, a 3-year-old Renault Zoe was priced the same as a 3-year-old Renault Clio in September '23, whereas in September '22, the petrol model was £7,000 cheaper. Similarly, a 3-year-old Tesla Model 3 was priced only £1,000 cheaper than a 3-year-old BMW 3 Series in September '23, while in September '22, the petrol model was £20,000 cheaper. Another example showed a 3-year-old Jaguar I-PACE being £4,000 cheaper than a 3-year-old Jaguar F-PACE in September '23, compared to a £13,000 price difference in September '22.
The decrease in used EV prices has been attributed to "tepid demand" from the public, which is partly due to high electricity prices and "mixed messages" from the government regarding its Net Zero policy.
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