Second-hand electric cars become cheaper than petrol and diesel for first time

[Judi Lynn]

Story by Tom Bawden • 3d • 3 min readd • 3 min read

The price of second hand electric cars has fallen so fast that they have become cheaper than used petrol and diesel cars for the first time, new figures show.

The average price of a three-year old used EV is 8.5 per cent less than its fossil fuel equivalent after prices plummeted by 50 per cent since September 2022, according to HPI, the car history and valuation group. The difference rises to 14 per cent after four years.

Experts say the falling prices are largely down to rapid technological advances such as significant improvements in battery power that make newer models increasingly more attractive than older ones. As a result, ‘early adopters’ of electric vehicles are switching to newer models in large numbers.

At the same time, a growing interest in environmentally friendly models and the rapid price drops are enticing new people to the used EV market – while the cost of fuel is also lower for electric cars.

More:
https://www.msn.com/en-gb/cars/ownership/second-hand-electric-cars-become-cheaper-than-petrol-and-diesel-for-first-time/ar-AA1onT9h