Prices of the UK’s most popular used electric and hybrid vehicles “plummeted” by an average of 19% year-on-year in the second quarter of 2024, the latest AA Cars Used Car Index reveals.
The price of a used Toyota Prius dropped by more than 50% between the second quarter of 2023 and the three months to June this year, while the average price of a second-hand Tesla Model 3 is down 35% in 12 months, according to the research.
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All of the top 20 electric vehicles and hybrids listed for sale on AA Cars have fallen in price over the past year, and on average they became 12% cheaper in the past quarter alone.
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In stark contrast, the most in-demand used petrol and diesel cars on AA Cars have increased in price by 3.5% between the first and second quarter of 2024, with the Audi A5 seeing the biggest rise, of 33%.
James Hosking, director of AA Cars, said: “Demand for second-hand EVs and hybrid vehicles continues to rise, but prices are coming down thanks to a surge in supply. Buyers are seeing lower average prices as corporate leases begin to expire and thousands of former fleet EVs come on to the second-hand market for the first time - providing greater choice and more attractive prices for buyers.”
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The Toyota Yaris, which is the most sought-after car on the EV and hybrid list, has fallen in price by 14% over the past 12 months, while the Toyota Prius, which is the second most popular, has dropped by 52% over the same period, AA Cars said.
It added: “Every one of the top 20 used electric or hybrid used cars on the AA platform fell in price between Q2 2023 and Q2 2024, as the market saw a surge in the number of second-hand models coming up for sale.
“In contrast, the average price of the 20 most popular used petrol and diesel cars on the platform has increased in the three months to June. Prices rose by 3.5% in the three months to June compared with the previous quarter, reversing two consecutive quarters of falling prices.
Mr Hosking said: “The overall downward pressure on pricing is likely to continue, but reductions vary considerably between different makes and models. Prices of the most popular petrol and diesel used cars have rebounded after falling for two consecutive quarters, although in most cases the increases are relatively modest. Buyers will find that prices for a lot of used cars are still considerably lower than they were this time last year, and that there are plenty of good deals out there.
“If you are planning to change up your vehicle, you might be pleasantly surprised by the prices of good second-hand models. But before you start car shopping in earnest, start online by getting a sense of what other buyers are paying for similar makes and models of the same age with comparable mileage.”
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