The key findings indicated by the released data are as follows:
There was a 311 percent increase in EV sales on cinch's website between 2023 and 2024
EVs are selling at a rate 26 percent faster than petrol and diesel cars
Average used EV prices are dropping, with several models now available for under £10,000
Tesla Model 3, Renault Zoe and Nissan Leaf were the top-selling used EVs
EV drivers are now rarely more than five miles away from a public charging point in the UK
cinch is now the biggest seller of used EVs in the UK according to MarketCheck, an independent measuring tool of the car market
“While new EVs still command a small premium versus similar petrol and diesel models due to their construction costs, this gap is narrowing all the time on the used car market” said Sam Sheehan, Motoring Editor at cinch. “And, if you look at the overall cost of ownership of an EV versus a traditionally-fuelled car, it makes a lot of sense to choose electric these days. Our data highlights that EV owners who charge their car at home can save £1,040 per year on running costs compared to petrol cars. With the maturity of the EV market, it’s now possible to pick up a more affordable used, low mileage, battery-powered car. Gone are the days when there was a huge price differential between EVs and their equivalent petrol and diesel models. Public charging is improving, EV range is improving and the choice of cars is growing. There’s never been a better time to go green.”
One of the main sticking points for petrol and diesel drivers contemplating the switch to electric has been the initial price of the car.
However, this barrier to entry appears to be lowering as the used EV market matures.
Between July and September 2022, used electric cars on cinch’s website sold for an average price of £25,078. Meanwhile, petrol and diesel cars sold for an average of £14,419 - a difference of just over £10,000.
In the same period in 2023, the average price of an EV on cinch was £19,440, and the average price of a petrol/diesel car was £14,619 - a difference of just under £5,000.
In 2024, the difference between the price of an EV and a petrol/diesel car had narrowed further, with EVs costing just over £1,000 more than ICE cars on average (EVs: £16,075 and ICE: £14,794).
In a like-for-like comparison, the electric version of a car can often be cheaper than its ICE counterpart.
The average sold price of a used electric Vauxhall Corsa-e, up to three years old and with less than 30,000 miles on the clock, was £12,701 on cinch between July and September 2024.
This compares favourably with the average sold price of petrol/diesel Corsas meeting the same criteria, which was £13,005.
With popular low-mileage cars such as the Renault Zoe and Nissan Leaf available for under £12,000, and several models retailing on the used market for less than £10,000, there’s now an EV to suit most budgets.
In this record-breaking quarter, the top 10 best-selling used EVs were:
Tesla Model 3
Renault Zoe
Nissan Leaf
Hyundai Kona
Vauxhall Corsa-e
Kia e-Niro
Peugeot e208
Peugeot e2008
Jaguar I-Pace
MINI Hatchback
“Despite some exciting new entrants to the EV market, Tesla’s Model 3 continues to deliver for many drivers - and they’ve never been more affordable” added Mr Sheehan. “We expect stiff competition from several manufacturers in the coming year - particularly from the Chinese market - but Tesla still has a loyal army of fans in the UK.”
One consideration of whether to buy an electric car is how and where to charge it while out and about, but the good news is that EV drivers are rarely more than five miles away from a public charging point in the UK according to Paua, the company powering the cinchCharge card and app.
As of October 2024 there were 71,459 public charge points in the UK. This compares with 36,637 in October 2022 - an increase of 95 percent in just two years.
In a further boost to EV drivers, as part of the 2024 Autumn Budget, Chancellor Rachel Reeves announced a new £200 million pot to improve public charging infrastructure.
Recent data from the Society of Motoring Manufacturers (SMMT) shows that ‘range anxiety’ could soon be a thing of the past, with new electric cars coming to market with a range of up to 450 miles, more than three times the average distance EV drivers travel in one week.
“The acceleration in production of longer-range electric cars, coupled with an ever-growing public charging network, means 2025 will be the year many used car buyers make the switch to electric” said Abhishek Sampat, cinch’s Head of Electric Vehicles. “We’re also seeing EV battery grading being introduced by used car retailers, giving buyers an independently-verified report of a used EV’s battery health and longevity. This should give consumers more confidence that the EV they’re buying will stand the test of time.”
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