Used electric car prices finished last year 10% lower than at the end of 2023, according to analysis by AA Cars.
This is despite a rise of one per cent in the final quarter of 2024.
It found that the average cost of the top 20 most searched for electric vehicles (EVs) and hybrids on AA Cars rose marginally to £19,143 in the final three months to December, after falling 16% in the third quarter of the year.
In terms of models, the Nissan Leaf saw values plummet 23% during 2024 while the Renault Zoe and Mitsubishi Outlander were down 22% and 20% respectively.
Comparatively, petrol and diesel models saw values drop just four per cent in 2024.
Used electric car prices
James Hosking, director of AA Cars, said: “Prices of second-hand EVs and hybrids are beginning to stabilise after a long spell of volatility. More than half of the most popular EVs and hybrids on our platform have edged up in value over the past three months, suggesting we may be starting to turn a corner.
“Despite the recent uptick, there is still a great deal of value out there in the market and huge discounts available to sellers as supply continues to outpace demand.
“Used petrol and diesel car prices are more robust, and although some models have seen large price swings over the past year, there is generally less fluctuation and smaller savings to be had.”
