Demand sees second‑hand electric car prices hit new high

Research reveals 14 per cent increase in used electric cars as demand drives up prices

Demand sees second‑hand electric car prices hit new high

Used electric vehicles (EVs) such as the Renault Zoe and BMW i3 are appreciating in value after car buyers “turned a corner” in their attitude to alternatively fuelled, according to experts.

Automotive shopping site, CarGurus has released new analysis that shows price increases for a number of EVs since 2017.

The average asking price for a used 2015 Renault Zoe increased by 18 per cent, from £6,425 to £7,612 between January 2017 and November 2019.

By comparison, the average price for the most popular petrol and diesel supermini, the Ford Fiesta, decreased by 22 per cent over the same period, from £9,165 to £7,160.

Renault’s newly-updated Zoe has continued to fair well in terms of residual values.

Related: MOT tester and trainer lists concerns about electric and hybrid vehicles

BMW i3 prices of 2014 examples increased one per cent since the start of the year.

Values of petrol or diesel-engine MINI hatchbacks fell by 14 per cent over the same period.

Chris Knapman, editor at CarGurus said: “Our data shows that the residual values of EVs have turned a corner as an increasing number of buyers are starting to take advantage of the benefits of electric motoring, such as the low running costs and easy driving manners of cars like the Nissan Leaf and Renault Zoe.

Nissan Leaf remains best-seller

The Nissan Leaf is the best-selling pure EV in the UK, yet despite a good supply of used car stock its values remain consistently high.

Earlier models perform even better than later versions, with the average price for a 2015 Nissan Leaf in November 2019 just nine per cent lower than in January 2017, at £10,438.

The Tesla Model S is also performing well on the used car market.

Between October 2017 and November 2019, the average price of a 2015 Model S on CarGurus decreased by 29 per cent, from £57,746 to £40,957, significantly outperforming the most searched-for petrol or diesel-powered luxury car on the site, the Mercedes-Benz S-Class.

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