The used car retailer cinch has seen a 311 percent increase in sales of pre-owned electric vehicles (Image: Getty)
A new study has found a growing number of motorists are turning to on the used car market as many popular models are being offered at lower prices.
According to data from the platform , sales of increased by 311% from July 2023 and September 2024, with many examples being put up for sale alternatives.
Sam Sheehan, motoring editor at cinch, highlighted that prices on the used market contrast with the generally higher cost of new electric vehicles.
He said: “While 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.
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Older models and ex-company cars have seen prices fall by an average of £8,000 in two years (Image: Getty)
“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.”
One of the main reasons cinch highlighted a growth in demand for electric models is their drop in price across the used market.
This is partly due to the first wave of popular EVs, such as the original Nissan Leaf and BMW i3, getting older and therefore losing value, but also because various companies are selling off fleets fo electric models, creating an oversupply.
According to the company, the average price of an electric car on their website earlier in 2024 was £16,075, a drop of over £8,000 in two years.
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Between July 2023 and September 2024, the most popular electric model on the used market was the Tesla Model 3, thanks to the family hatchback’s low price, loyal fanbase, and practical range of up to 436 miles per charge.
Models from more mainstream car brands also featured heavily on the list, with small superminis like the Renault Zoe, Vauxhall Corsa-e, and Peugeot e208 featuring in the top 10.
The top luxury choice in the list was the Jaguar I-Pace, a large performance SUV that is capable of accelerating to 60mph in 4.7 seconds and able to cover nearly 300 miles without charging.
With a range of up to 436 miles per charge, the Tesla Model 3 is the most popular used EV (Image: Getty)
Top 10 best-selling used electric cars:
- Tesla Model 3
- Renault Zoe
- Nissan Leaf
- Hyundai Kona
- Vauxhall Corsa-e
- Kia e-Niro
- Peugeot e208
- Peugeot e2008
- Jaguar I-Pace
- MINI Hatchback Electric