Used car data analytics firm Marketcheck has revealed that the prices of used EVs in the UK have plummeted in the past two years as sales continue to rise.
The average listed price of a used EV in the UK has fallen by over £7,000 between May 2023 and May 2025, falling from £30,441 to £23,029.52, a reduction of almost 25% (24.35%). Prices have fallen steadily each month in this period, generally dropping by between 2% and 3% each month. Meanwhile, Marketcheck’s analysis has suggested that the number of used EVs sold each month has increased by 180.45% between May 2023 and May 2025, rising from 7,073 to 19,836.
These figures support an increasingly large body of evidence that suggests the second-hand EV market is booming. Data from the Society of Motor Manufacturers and Traders (SMMT) showed that sales of secondhand battery electric vehicles (BEVs) rose by 57.4% to hit a record 188,382 units in 2024, while sales of secondhand plug-in hybrids and hybrid vehicles also rose, up 32.2% to 92,120 units and 39.3% to 306,114 units respectively.
The SMMT noted that the proportion of BEVs sold in the second-hand market reached a high of 2.5% last year, a record that was beaten in the first quarter of this year when second-hand BEVs hit a 3.3% share of the market, with sales rising by 58.5%.
As reported yesterday by Current±, the most recent EV Outlook report from analyst BloombergNEF has noted the impact of falling EV prices on uptake by comparing the differences in EV prices and uptake rates across the world.
The report notes that China is the only large market where EVs are, on average, cheaper to buy than comparable internal combustion engine cars; as such, China’s EV market will be larger than the total market for all vehicles in the US within the next year. The report also predicts that around 22 million passenger EVs will be sold this year, up from 25% from last year.
A recent report from Cornwall Insight notes that the prices of EVs are presenting a major barrier to the UK’s decarbonisation goals. While the report focuses on the new EV market, it notes that new EVs cost around 40% more than comparable petrol or diesel vehicles, something that Cornwall Insight states is undermining the environmental and financial benefits of switching to an EV.
