Electric Vehicle Prices Tumble, Making Them Accessible to More Families

The used electric vehicle (EV) market has seen a significant shift, with prices dropping to levels that make previously unattainable models accessible to many families. According to a recent report from The Guardian, high-quality EVs like Tesla Model 3s and Kia e-Niros with substantial range capabilities are now available for as little as £14,000 (approximately $17,700).

Market Dynamics and Price Parity

Auto Trader reported that used EV prices have nearly reached parity with petrol cars. In July, the average price for a three- to five-year-old EV was £18,964 ($23,990), compared to £18,076 ($22,870) for petrol models of the same age. This shift represents a dramatic change from just a few years ago when these vehicles were selling new for £40,000-£50,000.

Top Picks in the Affordable EV Market

David Smith of Cleevely Electric Vehicles highly recommends the Kia e-Niro with a 64kWh battery.

“These cars are really efficient, have a good range – of about 250 miles, depending on conditions – and have proved reliable both mechanically and for battery life,” Smith stated.

Many of these vehicles still carry the balance of their original seven-year warranty.

For those prioritizing long-distance travel and access to fast-charging networks, Smith suggests considering a used Tesla. The Tesla Model 3, in particular, has proven capable of high mileages, with some taxi models clocking over 440,000 miles.

Battery Longevity and Maintenance

Contrary to common concerns about battery degradation, Smith notes that many 60,000-mile EVs show very little range loss from new.

Richard Symons of R Symons shared his experience with a Tesla Model 3: “We have a white Model 3 that we use on a daily basis and now has over 100,000 miles on the clock. In that time, the only thing that it required was some new suspension bushes at a cost of about £1,500, some wiper blades, and tyres.”

Cost Savings and Charging Considerations

The financial benefits of switching to an EV are substantial for those who can charge at home. Symons estimates that using an off-peak EV tariff, drivers could pay as little as £150 for every 10,000 miles traveled, compared to about £1,600 for a petrol or diesel car.

However, reliance on public “superchargers” can be expensive, with Which? reporting costs of around 79p per kWh in July – about 10 times home-charging rates.

EVXL’s Take

The plummeting prices of used EVs represent a significant shift in the electric vehicle landscape. This trend aligns with our recent coverage of Tesla’s market strategies, which have been instrumental in driving EV adoption. As more high-quality used EVs enter the market, we’re seeing a democratization of electric mobility that could accelerate the transition away from fossil fuel vehicles.

The availability of long-range, reliable EVs at affordable prices addresses one of the primary barriers to adoption – cost. This development could be a game-changer for environmental sustainability and urban air quality. We encourage readers to consider these options when looking for their next vehicle purchase.

What are your thoughts on the growing affordability of used EVs? Share your opinions in the comments section below.