Some Used Electric Vehicles See Values Increase By Up To 18%

Used electric cars are enjoying a remarkable comeback as soaring petrol and diesel costs encourage motorists to consider making the switch to electric.

New figures from vehicle valuation experts Solera cap hpi show that some three-year-old electric models have risen in value by more than a fifth in just six months, reversing part of the sharp depreciation that previously hit the second-hand EV market.

The biggest winner is the MINI Electric, with average trade values at three years and 30,000 miles climbing 28.3%, from £9,905 to £12,710. That is a £2,805 increase since spring.

The Tesla Model 3 and Polestar 2 have each gained 20.9%. In cash terms, the Tesla has added £3,813 to reach £22,188, while the Polestar is up £3,765 to £21,822.

Other strong performers include the Cupra Born, up 19.9%, and the Subaru Solterra, up 19.3%. Even relatively inexpensive used electric cars are benefiting, with the Peugeot e-208 rising 17.4% to £11,262 and the MG4 gaining 15.4% to £13,110.

The figures come as high pump prices put pressure on household motoring budgets. With diesel costing around 195p a litre in recent market commentary, the prospect of avoiding regular trips to the filling station is becoming more appealing to some drivers.

Chris Plumb, head of current valuations at Solera cap hpi, said: “Some of the movements are significant. The MINI Electric is up more than 28%, while the Tesla Model 3 and Polestar 2 have both gained around 21%, equating to almost £3,800.”

However, he cautioned against interpreting the increases as evidence of runaway used EV prices. Many models suffered substantial falls in value before the recent recovery and remain much cheaper than when new.

Plumb said: “What we’re really seeing is a recovery from previously depressed positions rather than a market running away with itself. In many cases these vehicles still represent excellent value for money and are becoming increasingly attractive to used car buyers as confidence in EVs continues to improve.”

He added: “It’s important to look beyond the percentages. Even after those increases, many of these vehicles remain relatively affordable. The MINI Electric is now around £12,700, the Peugeot 208 sits at around £11,300 and the MG4 just over £13,000.”

The 10 used electric cars with the biggest value increases

Average CAP Clean values at three years old and 30,000 miles, over six months

For motorists looking to buy a second-hand electric car, the rebound is a reminder that the cheapest deals may not last indefinitely. For existing owners, it is welcome news after a prolonged period in which falling residual values made headlines.

The figures are average CAP Clean trade valuations, rather than the prices motorists will necessarily pay on a dealer forecourt. They cover vehicles assessed at three years old with 30,000 miles on the clock and compare values over the last six months.

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