Used Electric Cars now CHEAPER than equivalent ICE cars

HPI reports that the average retail prices of used EVs are now cheaper than ICE cars, by 8.5% after three years and 14% after four.

We’ve banged on for years about not buying a new EV (unless you’re a business) because they’re far too expensive, technology is still developing apace and you’re likely to lose a big chunk of money on any new EV you buy.

But, if you can see an EV suiting your life, a two to three-year-old model from almost anywhere is the right area to pitch in, and now that’s been confirmed by HPI – used car value experts – who have declared that used EVs now retail for less than an equivalent ICE car.

HPI says that, on average, values of used EVs of the same age and mileage point have halved since September 2022, and there are plenty of examples illustrating just how cheap used high-end cars, in particular, have plummeted in value.

An Audi e-tron SUV which cost around £60k in 2021 can now be had for under £20k. a Jaguar I-Pace Black which cost £72k in 2021 can now be had for £25k, and a Porsche Taycan Turbo S, which cost £140k in 2021 can now be bought for £60k.

HPI’s Chris Plumb said:

An EV provides a reliable and enjoyable motoring experience that provides cost-effective ownership. Drivers looking to begin their EV journey with a used model should start with a HPI Check to ensure they are fully equipped with all the information they need.

Good advice (even with a pitch for an HPI check).