Used EVs now average £1,800 less than equivalent combustion-engine cars

The price of a two-year-old electric vehicle (EV) is, on average, now £1,800 cheaper than an equivalent internal combustion engine (ICE) model from the same manufacturer, according to new analysis from car supermarket Big Motoring World. The data highlights the significant reduction in residual value suffered by many EVs from new, and the resulting bargains now on offer for used-car buyers.

Big Motoring World, currently the largest seller of used EVs in England, compared the value of two-year-old models on its forecourts that were available with the choice of ICE and EV powertrains, such as the BMW X3 and BMW iX3, or Vauxhall Corsa and Vauxhall Corsa Electric. The residual value analysis identified that the potential savings for used buyers were most significant on EVs.

The analysis compared the two-year residual value of the eight most in-demand used vehicles currently available with both EV and ICE powertrains, ensuring a like-for-like comparison. The lower EV value was subtracted from the higher ICE value, and the resulting figures were averaged across all eight models to reach an overall average saving of £1,837.

For example, customers who purchase a two-year-old electric BMW iX3 can expect to pay an average of £8,854 (22%) less than if they purchased an internal combustion engine BMW X3 of the same age and mileage.

This pattern is repeated across other brands, with an average £2,813 (12%) saving on a used Volkswagen ID.3 compared with the equivalent Golf, and an average £1,444 (5%) saving when buying a used MINI Electric Cooper instead of the ICE version.

Used buyers are voting with their wallets
The fall in EV prices is tempting growing numbers of buyers; the Society of Motor Manufacturers and Traders (SMMT) has reported a 32% increase, year-on-year, in sales of used EVs, and Big Motoring World’s own EV sales rose by 79% during the same period.

As the largest retailer of EVs in England, Big Motoring World currently has over 1,200 retail-ready EVs available to drive away the same day from 10 nationwide stores across 40 different brands, including Kia, Hyundai, Volvo and MINI.

Steve Archer, Group Financial Services Director at Big Motoring World, said: “We are strong advocates for electrified mobility, and this latest analysis provides consumers with yet another compelling reason to make the switch.

“With the scale and variety of our EV inventory, we’re sure to have a vehicle to suit every customer, and we have EV-specific warranty and finance packages to give added reassurance. The sales personnel at each of our 10 nationwide locations are expertly trained to help guide consumers to find the right vehicle for their lifestyle and budgetary needs.”

All vehicles sold by Big Motoring World are covered by an enhanced three-month ‘Big Care – Inspect & Repair Warranty’, which includes RAC Breakdown Cover, £0 customer contribution in the event of a claim, and immediate Wear and Tear cover. Notably, customers are covered for the full value they paid for the vehicle – a key difference from the more typical ‘market-value’ limits linked to the cover offered by other used car retailers.

Customers can extend the standard three-month warranty on their used EV by purchasing an ‘RAC Inspect & Repair Extended Warranty’ or ‘RAC Inspect & Repair Extended EV Warranty’ for a period of 12, 24 or 36 months.

The RAC Inspect & Repair Extended EV Warranty offers market-leading protection for EV batteries, covering failure up to the value of the vehicle purchase price (excluding degradation), and multimedia protection up to £4,000.