Used electric vehicles sales triple in two years as plunging prices make second-hand EVs 'more attractive'

Used electric vehicles sales triple in two years as plunging prices make second-hand EVs 'more attractive'. With nearly 22,000 EVs changing hands in just July alone, the electric buzz is undeniable. But what's driving this charge, and what does it mean for everyday UK car buyers?

 Why Used EV Prices Are Falling

The uptick in used electric vehicle (EV) sales is closely tied to a significant drop in prices. A two-year-old EV now retains only about 46% of its original price, a steep fall compared to petrol or hybrid models, which stay at around 65-66% of their initial value. This depreciation stems largely from an oversupply of cars coupled with less-than-anticipated demand.

The recent Labour Government decision to introduce taxes for EVs mirrors the charges on traditional petrol or diesel vehicles. Pair this with automakers delaying new electric releases and you've got a market ripe with bargains for savvy second-hand shoppers.

 What It Means for Car Buyers

For pickers of pre-loved motors, this is great news. The falling EV prices mean that you can nab a high-spec electric model at a much friendlier budget. Imagine driving away in a previously dreamy high-end electric car that’s now within financial reach. Given this, now might actually be the perfect time to consider switching to electric, especially if an environmentally friendly drive has been on your mind.

But what about those hybrid enthusiasts? With hybrids projected to stick around until 2035, interest has piqued significantly in both new and used car markets. For Greater Manchester drivers thinking long-term, hybrids offer a fantastic middle-ground, giving you the green credibility without urgency.

 Should You Act Now?

If you're contemplating when to make the jump, you might want to act sooner rather than later. The value for money in the used EV market is currently unmatched, offering a compelling case for an upgrade. Plus, at The Car Co, we’ve got a range of electric and hybrid models on Manchester Road, all ready for you to test drive.

With flexible finance options starting at 8.9% APR, affordability is at the heart of what we do. Whether it's an eco-friendly ride or a more traditional choice, the options are plentiful and waiting for you.

This burgeoning trend in used EV sales is more than just a passing phase; it's a signal towards a greener, more accessible automotive market. If you're anywhere near Greater Manchester or even just the UK, and considering a new ride, the landscape of what you can afford—and who knows, you might end up in an EV! Thinking about changing lanes to electric? Come speak to us here at The Car Co and explore your options.