Prices of used EVs and hybrids begin to stabilise

According to the latest AA Used Car Index, prices of the UK’s most popular used electric and hybrid vehicles rose in the final three months of 2024, in a sign that the recent market volatility is easing.

The average cost of the top 20 most searched for EVs and hybrids on AA Cars rose up 1% to £19,143 in the three months to December, compared with a 16% annual drop in the third quarter of 2024.

Despite the recent increase, 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.

The biggest price risers since the third quarter of 2024 are the Lexus RX (9%), Toyota Camry (7%) and Toyota Prius (6%), while the Toyota Yaris remains the most loved of all EVs and hybrids on the platform.

As for the biggest fallers among the top 20 over the past year, the Nissan Leaf has plummeted 23% in value since the final quarter of 2023, while the Renault Zoe and Mitsubishi Outlander are down 22% and 20% respectively.

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.

Compared with the previous quarter — July, August, September — average prices have seen a slight decrease of 1%, down from £17,560.

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.

Offering the best value for money currently are Ford Transits (-19%), Volvo XC40s (-18%) and Ford Fiestas (-13%), which have all registered double-digit price falls over the past year.

James Hosking, Director of AA Cars, comments: “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.

“The key to any purchase is understanding what represents good value for money and this means doing plenty of research, and shopping around to compare prices.

“Once you’ve settled on a car, make sure you schedule an independent vehicle inspection before you buy to ensure peace of mind and help avoid any potential costly repairs in the future."