Used electric vehicle prices in the UK have fallen sharply, dropping by around £14,000 in just three years as cheaper Chinese models flood the market.
According to data from Cazoo, the average price of a second-hand EV now stands at £25,000, down from £39,000 in 2022. The retailer expects prices could fall further towards £20,000 over the next year as more owners trade in early-generation electric cars, boosting supply.
The slump has been driven by an influx of lower-cost Chinese electric vehicles and a growing willingness among British buyers to consider unfamiliar brands. Global exports of Chinese EVs surged 87% year-on-year last month to nearly 200,000 vehicles, with shipments to Europe rising almost two-thirds to 43,000, according to China Customs data.
A Cazoo survey suggests traditional “badge snobbery” is fading, with six in ten UK buyers now open to purchasing a Chinese EV. Awareness of individual brands remains low, however: only 40% of respondents recognised BYD, falling to 12% for Jaecoo, despite the latter operating 90 UK dealerships.
Lucy Tugby, marketing director at Cazoo, said early adopters upgrading to newer models will push more Chinese EVs into the used market. She added that EV buyers tend to be “far more technology-led than brand-led,” particularly younger drivers, making them receptive to lower-cost alternatives.
While EVs now account for around 20% of new car sales, they still represent less than 5% of vehicles on UK roads. Tugby said 2026 could be a breakthrough year as second-hand EV prices move closer to combustion-engine equivalents.
The average used petrol car costs £16,356, down just £800 over three years. However, with used EV listings up 50% year-on-year, the price gap between electric and petrol cars has narrowed to 44%, roughly half the level seen two years ago.
Cazoo also warned that new pressures could affect demand, including a mileage-based tax on EVs announced in the autumn Budget, due to take effect from 2028.
The rapid depreciation is bad news for buyers of new EVs, reinforcing concerns about steep value losses and the long-term cost of battery replacement in older models.
