Used EVS plummet to ICE price

Average two-to four-year-old EV now worth £16k while equivalent diesel is £18k

- JACK CARFRAE

Values of used electric cars are reaching parity with equivalent petrol and diesel models, new data has revealed.

First-quarter data from Manheim Auctions showed an average trade price of £16,654 for a two-to four-year-old EV, compared with £18,063 for an equivalent diesel car - a 7.8% difference. Comparable petrol cars sold for £12,980 -28.3% less than EVs and 39.2% less than diesels.

EVs were still much more expensive when compared with ICE cars across all age groups, averaging £16,829 in the first quarter next to diesel's £6051 (-64.0%) and petrol's £6108 (-63.7%). However, this was disproportionately weighted by newer, more expensive EVs, while two- to four-year-old cars represent prime used stock for franchised dealers.

Used EVs have traditionally been more expensive than their ICE equivalents, deterring many buyers, but prices began to drop sharply in late 2022, and values of contemporary examples are now typically much closer to their ICE equals.