Used Electric Car Values Surge Amid High Fuel Prices

The market for used electric vehicles (EVs) has seen a significant uptick in value over the past six months, driven by soaring petrol and diesel prices. Drivers are increasingly turning to pre-owned EVs as a strategy to mitigate the rising cost of fuel, which has put a strain on household budgets.

Experts report that the demand for second-hand EVs has pushed their values up by as much as 28 percent in the last six months. This trend marks a notable reversal after years of substantial depreciation for electric cars.

The Mini Electric has emerged as the top performer in this surge. A three-year-old model with 30,000 miles, previously valued at approximately £9,905 in April, is now worth around £12,710, an increase of £2,805.

Despite these gains, valuation experts at Solera cap hpi suggest that three-year-old used EVs still represent good value for money. They emphasize that the recent price increases have not fully reversed the initial sharp depreciation that new EVs often experience shortly after leaving the showroom.

Other significant gainers in the used EV market include the Tesla Model 3 and the Polestar 2, both of which have seen their values increase by 21 percent over the past six months. In cash terms, the Tesla Model 3 has risen by £3,813 to £22,188, while the Polestar 2 has increased by £3,765 to £21,822.

Further strong performers include the Cupra Born, up 20 percent, and the Subaru Solterra SUV, which has also gained over a fifth in value. Even more affordable options like the Peugeot e-208 have seen a 17 percent rise, reaching £11,262, and the MG4 has climbed 15 percent to £13,110.

Chris Plumb, head of current valuations at Solera cap hpi, noted that while there's a recovery from previously depressed prices, it's not indicative of a market running away with itself. He added that these vehicles often remain considerably cheaper than when new and represent attractive options for buyers as confidence in EVs grows.

Toby Poston, chief executive of the British Vehicle Rental and Leasing Association, stated that stronger demand is stabilizing used EV values, which benefits existing owners and leasing companies that have invested in electric fleets. Ginny Buckley, founder of Electrifying.com, commented that the notion of electric cars not holding their value is becoming increasingly outdated.

Top 10 Used EV Price Risers (Past Six Months):

1. Mini Cooper Electric (2019-2024): Up 28.3% / £2,805 (April: £9,905, Today: £12,710)
2. Tesla Model 3 (2019-2024): Up 20.9% / £3,813 (April: £18,375, Today: £22,188)
3. Polestar 2 (2019-present): Up 20.9% / £3,765 (April: £18,057, Today: £21,822)
4. Cupra Born (2021-present): Up 19.9% / £3,080 (April: £15,475, Today: £18,555)
5. Subaru Solterra (2022-present): Up 19.3% / £2,575 (April: £13,350, Today: £15,925)
6. MG5 (2020-2025): Up 18.9% / £1,706 (April: £9,025, Today: £10,731)
7. Kia e-Niro (2018-2023): Up 18.4% / £2,367 (April: £12,867, Today: £15,233)
8. Volkswagen ID.3 (2020-2024): Up 17.6% / £2,222 (April: £12,648, Today: £14,870)
9. Peugeot e-208 (2019-present): Up 17.4% / £1,668 (April: £9,593, Today: £11,262)
10. MG4 (2022-present): Up 15.4% / £1,755 (April: £11,355, Today: £13,110)

Prices are based on three-year-old examples with 30,000 miles and represent trade values.