Used prices for the 20 most popular EVs and hybrids fall 16%

The price of the most popular used electric vehicles (EVs) and hybrids has fallen by 16%, on average, in the past year, according to new data from AA Cars.

The average price of a used Toyota Prius fell by almost a third (31%), the biggest decrease reported over the past 12 months.

It was closely followed by Hyundai Ioniq, which saw average used values reduce by 30.2% and the Nissan Leaf, which fell by 26%.

The most searched for EV or hybrid car on the platform in the last year, the Toyota Yaris, dropped by 12.3%. 

The average price of the top 20 has fallen from £21,302 in Q3 2023 to £17,967 in the three months to September this year. 

The Volkswagen Golf was the only car to hold its value with all other EVs and hybrids on the list depreciating over the past year and 15 of the top 20 registering double-digit price falls. 

Average prices also fell 7.8% quarter-on-quarter led by the Hyundai Ioniq, down by 12.6%, the Toyota Estima, an 11.1% reduction, and the Renault Zoe, down by 10.5%.

In contrast, the Volkswagen Golf (1.5%) and Toyota Rav4 (1.0%) were the only two cars to rise in value since Q2 2024.

Prices in the EV market have been impacted by increased supply of used stock from car leasing companies and rental firms, as well as sluggish private sales.

James Hosking, director of AA Cars, said: “The cost of a brand new EV or hybrid is unaffordable for many families and even second-hand prices can put people off.

“However, we are seeing prices come down significantly in the used car market and align more closely with the cost of traditional petrol and diesel cars. 

“This convergence in pricing should strengthen the appeal of going electric, as we know it has proved a major stumbling block for a lot of prospective private buyers.”

He added: “There are some great deals to be found on second-hand EVs and hybrids if you do your research and shop around to find the best prices.

“Buyers should start by having a clear understanding of what represents good market value and looking at what other people are paying for similar makes and models. 

“As always, it’s best to arrange a test drive and to have a vehicle inspection done to get as much information as possible to decide whether to buy the vehicle or not.”

Biggest price fallers of the most popular used EVs and hybrids in Q3 2024