Buy low, cell high

There are some great used electric car deals to be had at the moment - and cheap prices don't mean exhausted batteries. VICKY PARROTT explains how to get a good 'un

- VICKY PARROTT

It's been a rollercoaster for the used EV market over the past few years. In the aftermath of the Covid pandemic and the following chip crisis restricting the supply of new cars, some used EVs were commanding more than their original list prices. But with a much broader array of EVs going on sale, decent availability and widespread uncertainty about EVs, prices slid dramatically. Indeed, data from market analyst Cap HPI shows that by September 2024, a three-year-old EV was some 8.5% cheaper to buy than a petrol car of equivalent age and mileage.

However, that trend is now changing again. In the latter half of 2024, used EV values stabilised and actually rose very slightly against falling used ICE car values. And the Society of Motor Manufacturers and Traders recorded more than 53,400 used electric car sales in the third quarter of 2024, a rise of 57% on the same period in 2023, so the lower prices are certainly driving demand.

This of course is either terrible or brilliant news, depending on whether you're selling or buying. But regardless of this mercurial market, there has never been such a great variety of used EVs at such low prices, so now is a superb time to buy before those prices rise any further.

WHAT TO LOOK OUT FOR WHEN BUYING A USED EV

The golden rules for buying a used EV are much the same as for a used ICE car: checking for even gaps and matching paint across all the panels for signs of accident damage, reading its previous MOT test reports and running thorough checks on its history for finance, theft or other misdemeanours. All of that still stands.