In a major win for electric vehicle adoption, the used car market has reached a significant milestone. According to the latest data from the automotive market data research organisation Cap HPI, the average price of a three-year-old used electric car is now 8.5% cheaper than an equivalent petrol or diesel model.

The data reveals that a three-year-old electric car could cost around £2,550 less than a comparable used petrol car priced at £30,000. Used EV sales surged by 71% in Q1 2024 compared to the same period last year, with over 41,500 pure electric cars finding new homes. The average value of a used EV at the same age and mileage has halved since September 2022, indicating a maturing market with more stable prices. Luxury models like the Jaguar I-Pace and Tesla Model X are now available for over £20,000 less than in summer 2022, while mainstream options like the Nissan Leaf can be found for under £10,000.

Chris Plumb, EV specialist at Cap HPI, explained that the growing availability of second-hand electric models is driving this demand as “motorists want to reduce their environmental footprint and make significant motoring cost savings due to high diesel and petrol prices.”

With the EV market continuing to evolve and prices becoming increasingly accessible, there has never been a better time to explore the electric vehicle options available.

At ElectriX, we’re committed to making the transition to electric driving as seamless as possible. Whether you’re an individual looking for a Personal Contract Hire, a business seeking Business Contract Hire options, or an employee interested in a Salary Sacrifice Scheme, our leasing schemes can help you drive into the future of sustainable mobility.

Not only do you avoid the volatility of fuel prices, but you can now access high-quality, brand new EVs at affordable prices.

But the benefits don’t stop there. As an ElectriX customer, you’ll have access to our all-in-one solution, which includes alongside your chosen EV lease, the provision options to add a dedicated home charging unit and a comprehensive insurance coverage to your lease package.

This holistic approach ensures a seamless transition to electric driving, removing the hassle and uncertainty that can sometimes deter drivers from making the switch.

As the market for electric vehicles continues to grow, ElectriX remains committed to offering innovative solutions that meet the needs of our customers, helping them to reduce their environmental footprint while enjoying the benefits of electric mobility.

Check out the latest offers on our website and contact the team today to learn more about how you can take advantage of the growing affordability of electric vehicles with our comprehensive leasing solutions.