Used electric vehicles are now priced 8.5% and 14% below equivalent petrol and diesel models at three and four years respectively, according to new data from Cap HPI.
New EVs are commonly more expensive than the closest petrol and diesel equivalents, however, used EV values have fallen sharply in the past two years to provide motorists with a bargain.
On average, values of used EVs for cars at the same age and mileage point have halved in value since September 2022.
For models such as the Jaguar i-Pace, Mercedes EQC and Tesla Model X, this can equate to well over £20,000 less than in the summer of 2022, and for cars like the Porsche Taycan, up to £40,000 less, making previously unobtainable cars a real option for more consumers.
Chris Plumb, EV specialist at Cap 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.”
In May 2024, 17.6% of all new car registrations were electric cars, with 26,031 new electric cars registered.
Sales of used electric cars were 71% higher in the first quarter of 2024 than in the same period last year, and sales of used hybrids are also increasing significantly.
More than 41,500 pure electric cars were sold on the used market in the first quarter of this year alone.
While Cap HPI has highlighted here that used EVs are representing great value for consumers, it has also said the rate of decline in prices is slowing, with just a 1% drop in July being the strongest month so far this year.
