Drivers ‘more likely’ to buy used EV due to falling prices

A fifth of UK drivers are more likely to buy a used EV in the next five years as the average price of used EVs and hybrids falls by 5.9%, according to new research by AA Cars.

Prices for the top 20 most searched used EVs and hybrids on the AA Cars platform fell by 5.9% in 2023. The average price of the most popular EV and hybrid models listed for sale in Q4 was £20,392, down from £21,673 over the same period in 2022.

James Hosking, md of AA Cars, said: “The average price of used EVs is often higher than their petrol and diesel counterparts, and this can be a major barrier to uptake.

“As more makes and models enter the new car market, a greater proportion are being made available second-hand, helping to drive down prices.

“Our research suggests that this trend could help deliver more EV sales in the coming years.”

AA Cars’ survey of nearly 12,000 drivers in the UK found that 16% of drivers would be more likely to buy a second-hand EV in the next five years and an additional 2% were found to be more likely to buy one in the next 12 months. Around 9% said that when they buy an EV, it will be brand new.

The Nissan Leaf is the most popular EV listed on the AA Cars site. Its price dropped by 13.5% in Q4 2023 compared to the same period in 2022.

Hosking adds: “Switching to a greener vehicle will save drivers money on fuel while also future-proofing them for the further roll-out of clean air zones in cities across the UK, and these factors may also play a part in increasing EV uptake.

“More incentives may still be needed in the future to persuade cash-strapped consumers to go electric. Speeding up the rollout of the charging network will also help convince drivers that now is the time to switch.”

Previously, SMMT reported that EV sales reached a record high in 2023, increasing by 90.9% to reach 118,973. However, EVs represent just 1.6% of the used car market.