While prices for used EVs and hybrids saw a slight increase at the end of last year, the cost of vehicles popular in the taxi industry have seen significant drops.
Data collected by the AA’s used vehicle site AA Cars shows the prices of the most popular used electric and hybrid vehicles rose by 1% in the final three months of 2024. However, as Fleet News reports, average prices remain 10% down year-on-year.
Demand
AA Cars looked at the top 20 most-searched-for used EVs and hybrids and found that after a 16% annual drop in the third quarter of 2024, average prices had increased by 1% to £19,143 in the three months to December.
Fleet News reports that the car index suggests that prices are “still 10% lower than the same period in 2023, following a long period of depreciation after a surge of fleet-owned EVs into the second-hand market”.
One of the vehicles with the biggest recent price rises was the Toyota Prius, which averaged £11,020 in the third quarter of 2024, but had risen 6% to £11,671 by the end of the year. However, this remained 19% below 2023’s price of £14,383.
The Kia Niro held the fifth spot with a stable average of £19,557 throughout 2024 – 12% below its 2023 price of £22,224.
And PHV favourite the Toyota Corolla placed 11th with a 2024 average price of £18,992 – down 9% from 2023’s £20,915.
Price drop
Among the vehicles with the biggest price drops were the Nissan Leaf, which Fleet News reports has fallen 23% since the final quarter of 2023. The Renault Zoe and Mitsubishi Outlander have fallen 22% and 20% respectively.
AA Cars found that prices for the most sought-after petrol and diesel cars have held up better over the past year, falling by just 4% to £17,364 in the final quarter of 2024.
The Vauxhall Corsa holds on to top spot as the most popular used car at the end of 2024, ahead of the Nissan Qashqai and Ford Fiesta.
James Hosking, director of AA Cars, said: “Prices of second-hand EVs and hybrids are beginning to stabilise after a long spell of volatility.
“More than half of the most popular EVs and hybrids on our platform have edged up in value over the past three months, suggesting we may be starting to turn a corner.
“Despite the recent uptick, there is still a great deal of value out there in the market and huge discounts available to sellers as supply continues to outpace demand.
“Used petrol and diesel car prices are more robust, and although some models have seen large price swings over the past year, there is generally less fluctuation and smaller savings to be had.”
Having a stable second-hand EV and hybrid market means taxi and PHV drivers have more choice when it comes to replacing their current vehicles and can budget for the next cycle of their business plan.
And with average prices down by an average 10% on previous years, it means that there are affordable deals to be found and a taxi or PHV driver can pick up a used hybrid or EV for a similar price to – or even cheaper than – a petrol or diesel vehicle.
