Second hand electric car value drops by over 20% in 12 months

The cost of a second hand electric car has dropped by nearly a quarter in the last 12 months according to a report by Autotrader.

This means that the average price of a used electric car in the UK has fallen to £32,463 (21.4%) in the past year.

According to figures from AutoTrader, they suggest that the electric vehicle (EV) premium sector reached a peak price of £51,704 in August 2022 but has since fallen by over £10,000 to £39,268.

Experts are attributing the drop to a decrease in consumer confidence, suggesting that while EV’s are essential going forward, the transition for the majority may take longer due to uncertainties around the the industry’s future.

This comes shortly after PM Rishi Sunak delayed the ban on new petrol and diesel cars from 2030 to 2035 last week which will allow UK families longer to transition to EV’s and take advantage to lower prices.