According to a recent study, the value of second-hand electric vehicles (EVs) is decreasing due to a decline in demand. While new electric car registrations have increased by almost 90% compared to last year, sales of used models have only risen by 82% annually. However, data from AA Cars indicates that interest in EVs is waning. In the first six months of this year, only 5% of all searches on the AA Cars site were for battery vehicles, compared to 11.3% in 2022. The decline in demand has led to falling prices, and AA Cars has identified the battery models that have experienced the largest decrease in value in the second quarter. Interestingly, London is an exception to the overall decline in demand for used EVs. AA Cars attributes this to the recent expansion of London’s Ultra Low Emission Zone (ULEZ), which has prompted residents to sell their non-compliant vehicles and consider greener alternatives. While the decline in value of used electric cars presents an opportunity for buyers, it also highlights the need for further governmental support to make EVs more affordable. As more cities consider implementing clean air standards, interest in EVs is expected to increase. AA Cars recommends that anyone purchasing a used car should have it inspected by a qualified engineer to avoid potential costly issues in the future.
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