The used electric vehicle (EV) market is experiencing unprecedented growth, with sales accelerating significantly faster than those of traditional gasoline and diesel cars. In the UK, a prominent online car sales platform reports that second-hand EVs are selling 26% quicker than their internal combustion counterparts. Between July and September 2024, there was a remarkable 311% increase in EV sales compared to the same period in 2023. This surge is driven by declining battery costs and an influx of nearly-new EVs returning from lease agreements. Meanwhile, the US market is also showing signs of rapid expansion, with a projected 230% rise in lease returns by 2026.

Driving Factors Behind the EV Boom

The rapid adoption of electric vehicles can be attributed to several key factors. Firstly, advancements in battery technology have made new EV models more affordable, narrowing the price gap with traditional vehicles. Additionally, the growing availability of used EVs has further reduced entry barriers for consumers looking to transition to greener transportation. The influx of lease returns and financial arrangements coming to an end means more options and better deals for buyers. As a result, purchasing a used EV has never been more attractive for those seeking cost savings on fuel and maintenance while reducing their carbon footprint.

In recent years, the automotive industry has witnessed significant strides in battery efficiency and production costs. New electric models now compete directly with internal combustion engine (ICE) vehicles in terms of pricing, making it easier for consumers to make the switch. Moreover, the increasing number of used EVs available on the market offers buyers a wider selection at lower prices. For instance, platforms like Auto Trader, Cinch, and eBay in the UK, along with Edmunds in the US, provide extensive listings of high-quality used EVs. This abundance of choices, combined with favorable depreciation rates, positions the used EV market as a prime opportunity for environmentally conscious and budget-savvy consumers.

Bargain Buys in the Used EV Market

Several models stand out as exceptional deals in the used EV market. Tesla's Model 3, despite facing increased competition, remains a top choice due to its impressive range and access to the Supercharger network. High-mileage examples can be found for around $21,500 in the US and £13,000 in the UK. Another notable contender is the Jaguar I-Pace, offering sleek design and a competitive range of about 230 miles. Although some early models faced battery issues, immaculate one-owner examples are available for under $20,000 in the US and £13,500 in the UK.

The Polestar 2 represents another fantastic value proposition. With blistering performance and a range exceeding 270 miles, this Swedish model can be picked up for around $20,000 in the US and £17,000 in the UK. Porsche's Taycan, known for its premium aesthetics and thrilling performance, has seen substantial depreciation, making it a tempting option for around $43,000 in the US and just over £30,000 in the UK. Kia's e-Niro offers solid range and reliability for around £12,500 in the UK or $16,000 in the US, while the Mini Electric provides a charming and affordable entry point into EV ownership, starting at less than £10,000 in the UK. Lastly, Chevrolet's Bolt EV and Volkswagen's ID.3 offer excellent value for money, with ranges well over 200 miles and prices ranging from $9,000 to £12,000. BMW's i4 rounds off the list with its blend of driving dynamics and cutting-edge technology, available for under £30,000 in the UK and $26,000 in the US.