A motoring expert has predicted that used electric car prices could plummet over the next few weeks as a new wave of EV leases are set to run out. Whilst many drivers consider March as one of the strongest times of the year for new car sales, the launch of the new number plate typically causes motorists to sell their current model, causing used prices to fall. As a result, Patrick Cresswell, co-founder of the EV experts ClearWatt, suggested that it could make now the best time to get behind the wheel of an affordable electric model.
He said: “March of 2022 broke all the records for new EV sales, with more battery-powered vehicles sold in that month alone than all of 2019 – and much of that stock is now hitting the second-hand market, as three-year lease terms expire. We estimate 350,000 used EVs will be sold this year – and up to 40,000 could be in March alone.”
According to figures from the Society of Motor Manufacturers and Traders (SMMT), sales of used electric cars increased by 57.4% throughout 2024, with 188,382 examples sold.
One of the main causes for the rise in demand is the falling cost – helped by a large supply of models on the market and the increasing age of first-generation EVs, such as the original Nissan Leaf and Renault Zoe.
A 2024 study by Cap HPI found that the typical used EV now costs around 8.5% less than its petrol or diesel-powered equivalent, with electric car buyers able to save thousands.
Nevertheless, Patrick noted that drivers thinking about buying an electric-powered bargain on the used market make sure to thoroughly check the model they are interested in by looking up its number plate.
He advised: “Prospective buyers can check the vital statistics of any vehicle they are about to buy and how is likely to perform with our EV Check Plus service at ClearWatt.
“Users simply input the mileage and registration number and using our comprehensive database of EV performance we provide estimates on range, cost of charging and other costs associated with that specific vehicle.”
Similarly, used EV buyers should also make sure that the battery is in good shape before they buy the model.
One of the easiest ways of doing this is by asking the seller to completely charge up the battery before the viewing and checking how much the indicated range falls by during the test drive.
Some of the most popular electric cars also feature a battery health display, which shows the remaining capacity that can be effectively used.
