It’s been a rollercoaster for the used electric car market over the past few years.
In the aftermath of the Covid pandemic and the following chip crisis restricting the supply of new cars, some used EVs were commanding more than their original list prices.
But with a much broader array of EVs going on sale, decent availability and widespread uncertainty about EVs, prices slid dramatically. Indeed, data from market analyst Cap HPI shows that by September 2024, a three-year-old EV was some 8.5% cheaper to buy than a petrol car of equivalent age and mileage.
However, that trend is now changing again. In the latter half of 2024, used EV values stabilised and actually rose very slightly against falling used ICE car values.
And the Society of Motor Manufacturers and Traders recorded more than 53,400 used electric car sales in the third quarter of 2024, a rise of 57% on the same period in 2023, so the lower prices are certainly driving demand.
This of course is either terrible or brilliant news, depending on whether you’re selling or buying. But regardless of this mercurial market, there has never been such a great variety of used EVs at such low prices, so now is a superb time to buy before those prices rise any further.
What to look out for when buying a used EV
The golden rules for buying a used EV are much the same as for a used ICE car: checking for even gaps and matching paint across all the panels for signs of accident damage, reading its previous MOT test reports and running thorough checks on its history for finance, theft or other misdemeanours. All of that still stands.
Right, now for the big thing: the battery. This is what worries most buyers. We all know that batteries degrade over time and usage, yet very few EVs offer a battery health readout on the dashboard.
We would be the first to point out to legislators that a clear battery health readout would be very simple for manufacturers to provide and should be mandated in order to improve buyer confidence.
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Having purchased our first EV some 2 months ago all I would say to any potential buyers is don't rule out basic charging from your regular electrical outlet in your garage. My wife gets home each day around 5:30pm, we plug the EV in, it charges at approx 4 miles per hour, so come 6am its capable of having charged just over 48 miles. Her commute to work and back each day is a total of 11 miles. Think really carefully about what you actually use your car for, not what you 'might' one day do. The car has 330 range fully charged, and if you use full regen braking then urban driving becomes very range favorable.
Your BEV charges at 4 miles per hour, only 48 miles after over 12 hours of charging, are you sure? Sounds like you charging with a USB charger lol!
Surely you'd want to a dedicated fast charger so as to use your 'high range' BEV as much as possible rather than mainly 6 mile commutes.
Meant 11 mile commute, actually are you from the USA?
Certainly not. He is a communist commuter from comoros
I hope your wife doesn't drive at 4 miles per hour. What is the cost of a decent wall charger? Then you can charge at least 40 miles per hour.