Prices for the Top 20 most sought-after used EVs and hybrids saw a decline of 12% in the year leading up to Q1 2024, which is more than the 9% loss in value across the total used car market.
According to AA data, during the first quarter of this year, the average price of the most in-demand EV and hybrid models available for sale on AA Cars stood at £19,548 – a decrease from £22,158 in the same period in 2023.
The hybrid Toyota Yaris is the most favoured electric or hybrid vehicle on the AA Cars platform. Despite its popularity, its price saw a slight decline in the first quarter of 2024 compared to the same period in 2023, dropping by 4.1%. Meanwhile, prices for other electric and hybrid models experienced more significant decreases, due to a continued influx of used EVs and hybrids to the market, offering a wider variety of makes and models for buyers.
James Hosking, director of AA Cars, said: “The growing availability of used EVs and hybrids is helping lower prices for buyers who are after cheaper models – highlighted by the 12% drop in prices in the space of a year.
“Although they do require a higher upfront cost than traditional cars, this downward trend in used EV and hybrid prices is likely to continue as more make their way onto the market.”
