Looking to go electric? The second-hand EVs and hybrids that have fallen by up to 31% this year

There may be some good news for drivers looking to go green after a further sharp fall in the value of the most popular second-hand electric cars and hybrids.

Experts said the gap between electric vehicles (EVs) and their traditional petrol and diesel equivalents on the used car market has narrowed significantly over the past year. They noted that prices in the EV market had been impacted by increased supply of used stock from car leasing companies and rental firms, as well as sluggish private sales.

One of the biggest stumbling blocks for many looking to get on board the EV bandwagon is the upfront cost. The majority of EVs command a premium over their internal combustion-powered equivalent and recent reports would suggest that insurance costs are proving considerably higher too.

The UK's electric car public charging network is rapidly expanding but many still see the lack of charge points in some areas and the costs as a stumbling block.

Publishing new data, AA Cars, which specialises in the used car market, said the prices of second-hand EVs and hybrids had fallen by up to 31 per cent this year. The average price of the 20 most popular EVs and hybrids on its platform has fallen 16 per cent in the past 12 months.

The Toyota Prius hybrid (down 31 per cent) has dropped the most in value over the past 12 months, according to the firm, closely followed by Hyundai’s Ioniq models (down 30.2 per cent) and the Nissan Leaf EV (down 26 per cent).

Meanwhile, the most searched for EV or hybrid car on the platform in the last year, the Toyota Yaris, dropped 12.3 per cent. The average price of the top 20 has fallen from £21,302 in the closing months of 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, the firm noted. While the sharp fall in values will be good news for buyers, those looking to sell or trade in their vehicles are likely to be less than impressed with the depreciation.

The Nissan Leaf pure EV is one of the UK's most popular electric cars.

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.”

The latest data also showed that average prices fell 7.8 per cent quarter-on-quarter led by the Hyundai Ioniq (-12.6 per cent), Toyota Estima (-11.1 per cent) and Renault Zoe (-10.5 per cent).

Britain's cheapest brand new EV is the Dacia Spring, which has been launched with a sticker price of just £15,000, though its official advertised range is just 137 miles.

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