Fancy a cheap used EV? The data says you'd better be quick

If you’ve been thinking about taking the plunge on a nearly new or second-hand electric car, now might be the time. New data on car sales from our parent company, Carwow, suggest that BEVs aren’t just stabilising in price, but rising.

Compared to last year, values of three- to four-year-old electric cars have gone up by nearly 8.5 per cent, despite the fact that supply continues to increase as more reach the end of their leasing periods. 

The reasons for this are pretty clear. The price of petrol and diesel is now higher than it has been since 2022, following Russia’s invasion of Ukraine. This time, however, things feel different, and high fuel prices feel like they’re here to stay. 

In the Middle East, there’s no sign of a prolonged ceasefire, much less a long-term peace deal between the US and Iran, and as more of the oil infrastructure continues to be blown to pieces, the cost of Brent crude will stay high. This will be reflected at the pumps, directly affecting drivers’ finances. 

By way of contrast, owners of electric cars have largely been spared this anxiety. If you have the dream set-up of a driveway, overnight electricity tariffs and a home wallbox charger, the cost of motoring per mile is very low.

Even when charging on the public network – except at some particularly greedy motorway fast-charge providers – EVs still represent a big saving over petrol and particularly diesel models, and this discrepancy is only likely to grow. It’s understandable, then, that a well priced electric car is quite a hot commodity. 

Of course, it’s not just the cost factor. There’s also a growing confidence in EV tech and the charging infrastructure around it. With this in mind, it really feels like now is the ideal time to pick up a bargain, especially as more competent models cycle through the used car system.

Currently, you can just about get a Skoda Enyaq for the same price as a petrol-powered Skoda Octavia Estate with the same mileage, at the same age and with a similar sort of specification. I don’t expect this pricing equality to continue for much longer. Just two years ago, I advised some family members to buy a three-year-old Volkswagen ID.3 for a pittance, because an equivalent Volkswagen Golf would have cost far more. Parity now shows how EV prices are rising. 

So if you’ve been thinking about an EV, don’t delay. This might be the last chance for a deal before the buying public catches on and prices start to soar.

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