Electric Vehicles (EVs) Have Dropped in Price, Now Often Less Expensive than Traditional Gas Vehicles (ICEs)

In the ever-evolving world of automobiles, electric vehicles (EVs) are making significant strides, offering a reliable and enjoyable motoring experience with cost-effective ownership. According to CPI HPI, a used car price expert, the market for used EVs is not insignificant, despite low sales numbers in the UK.

One of the most notable developments is the dramatic drop in prices for used EVs. For instance, a two to three-year-old Porsche Taycan Turbo S, which retailed for £140k in 2021, can now be purchased for £60k. Similarly, the Audi e-tron SUV, priced at around £60k in 2021, is now available for under £20k. The Jaguar I-Pace Black, which cost £72k in 2021, can now be had for £25k.

These reductions in price have seen the BMW i3 and Nissan LEAF emerge as the top used electric cars in the UK, with the BMW i3 declared as the best buy used electric car by CPI HPI, followed by the Nissan LEAF. The Nissan LEAF, in particular, stands out as a cheaper option compared to the BMW i3, according to the same source.

The Nissan LEAF, with an average retail price starting from about €34,000 to €38,000, and the Volkswagen Golf ICE models, starting roughly at around €24,000 to €30,000, provide more affordable alternatives to their electric counterparts. Volkswagen's electric ID.3 and ID.4 models have been claimed to cost less over four years than the equivalent ICE Golf and Tiguan, further emphasising the cost-effectiveness of EVs in the long run.

Maintaining an electric car costs, on average, 23% less than maintaining a car with a petrol engine, according to CAP HPI. This, coupled with the lower prices of used EVs, makes them an attractive proposition for those looking to begin their EV journey.

However, it's essential for potential buyers to ensure they have all necessary information before making a purchase. Drivers are advised to start with an HPI Check to verify the vehicle's history and value.

Despite the initial high cost of EVs, their lower maintenance costs and the ongoing drop in used EV prices make them a viable and cost-effective choice for many. As the market continues to evolve, it's likely that we'll see more affordable used EV options becoming available, making electric motoring more accessible to a wider audience.

Electric Vehicles (EVs) Have Dropped in Price, Now Often Less Expensive than Traditional Gas Vehicles (ICEs)