Used electric car values have climbed as much as 28 per cent over the past six months as soaring fuel prices push more drivers towards battery-powered vehicles. The Mini Electric has emerged as the biggest winner, with a three-year-old example worth £9,905 in April now valued at £12,710 according to Solera cap hpi, a valuation expert firm. That represents a gain of £2,805 in just six months. The surge follows diesel hitting £2-a-litre earlier this month and petrol remaining well above 170p-a-litre, strains that are putting pressure on household budgets and making electric cars increasingly attractive to second-hand buyers.
Other significant performers include the Tesla Model 3 and Polestar 2, both recording value growth of 21 per cent over the six-month period. The Tesla rose to £22,188, up £3,813 from April, while the Polestar increased by £3,765 to reach £21,822. The Cupra Born gained 20 per cent in value, and the Subaru Solterra SUV rose by more than a fifth. Even more affordable used electric cars have benefited, with the Peugeot e-208 rising 17 per cent to £11,262 and the MG4 climbing 15 per cent to £13,110.
However, Chris Plumb, head of current valuations at Solera cap hpi, cautioned against viewing these gains as evidence of a runaway market. He noted that many models had previously suffered substantial falls in value before the recent recovery and remain much cheaper than when new. 'What we're really seeing is a recovery from previously depressed positions rather than a market running away with itself,' Plumb said. 'In many cases, these vehicles still represent excellent value for money and are becoming increasingly attractive to used car buyers as confidence in EVs continues to improve.'
The recovery in used EV values comes after years of steep depreciation that wiped tens of thousands of pounds from their values shortly after they entered the road. Toby Poston, chief executive of the British Vehicle Rental and Leasing Association, said the stronger demand is 'helping to stabilise used EV values, which is good news too for existing owners and the leasing companies who have already invested heavily in electrifying their fleets'. Ginny Buckley, founder of the EV website Electrifying.com, added that 'the idea that electric cars don't hold their value is looking increasingly outdated.'
For UK motorists, higher petrol and diesel costs mean used electric cars are becoming more financially attractive despite their increased second-hand prices. The shift reflects changing consumer attitudes as fuel expenses continue to squeeze household finances and prompt drivers to explore lower-cost motoring alternatives.