Used-EV prices drop below ICE equivalents



Used electric vehicle prices have now dipped below those of comparable petrol and diesel cars, as demand patterns shift across the used car market.

According to Auto Trader, demand for used petrol and diesel cars declined in May by 0.5% and 9.7% respectively, while interest in alternatively-fuelled vehicles continued to rise. Hybrids saw a 16% year-on-year increase, and plug-in hybrids rose by 27%. The largest growth came from electric cars, with consumer demand jumping 31% thanks to falling prices.


The average price of a used EV in May was £24,370, down 7.4% year-on-year. In contrast, petrol prices grew by 0.5% and diesel by 2%. Among 3-to-5 year-old vehicles, the gap widened further: EV prices dropped 11.6% to £18,266, making them cheaper than petrol cars of the same age, which averaged £18,731.

Buyers are also showing more interest in older vehicles. Demand for 5-to-10 year-old cars rose by 4.5%, and by 10.4% for those over 10 years old. These age groups saw price increases of 1.4% and 2.6% respectively.

Average time to sell remains strong, with cars taking 30 days on average. The 5-to-10 year category performed best, averaging 28 days.  

Now could be the time to explore cost-effective EV transitioning through buying used electric vehicles via salary sacrifice.
Explore our in-depth and accessible Salary Sacrifice Guide.

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