Used EV Prices Plummet as Consumer Confidence Drops

The value of used electric cars has plummeted by almost a quarter in a year, according to new figures, amid a drop in consumer confidence and a number of other factors. The average price of a used electric vehicle (EV) in the UK has fallen by 21.4% to £32,463 in the past 12 months, according to AutoTrader, the UK’s largest online marketplace for cars. This is a significant drop, given that the average price of a used petrol car has fallen by just 5.5% over the same period. There are a number of reasons for the decline in the value of used EVs. One is the drop in consumer confidence caused by the rising cost of living and the ongoing war in Ukraine. Another is the increasing supply of new EVs, which is driving down the price of used models. In addition, there are some concerns about the long-term value of EVs, due to the fact that batteries degrade over time. This means that older EVs may not be able to hold as much charge as newer models, which could reduce their va