According to recent data from Cap HPI, used electric vehicles are currently valued 8.5% and 14% less than comparable petrol and diesel models at three and four years, respectively.

Used EV values have dropped significantly over the last two years, giving drivers a great deal even if new EVs are typically more expensive than their nearest petrol and diesel equivalents.

Since September 2022, the average value of used EVs for vehicles with the same age and mileage has decreased by half.

For models such as the Jaguar i-Pace, Mercedes EQC and Tesla Model X, this can equate to well over £20,000 less than in the summer of 2022, and for cars like the Porsche Taycan, up to £40,000 less, making previously unobtainable cars a real option for more consumers.

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

26,031 new electric cars were registered in May 2024, accounting for 17.6% of total new car registrations.

In the first quarter of 2024, sales of used electric vehicles increased by 71% compared to the same period the previous year. Sales of used hybrid vehicles are also rising rapidly.

In just the first quarter of this year, there were over 41,500 sales of only electric vehicles on the used market.

Although Cap HPI has noted that used EVs offer excellent value for buyers, it has also noted that the rate of price reduction is decreasing, with July’s 1% decrease being the greatest month thus far this year.