Certain vehicles see drastic second-hand price drops with experts ‘surprised at demand’
Motorists may be able to take advantage of a bargain with a range of second-hand vehicles recording major price drops.
Demand for certain second-hand used vehicles has dramatically soared with motorists taking advantage of cheaper deals to secure models, according to a new analysis.
Experts at The Electric Car Scheme admit to being “surprised” at the level of demand for used EVs with sales improving in the vital sector.
According to the specialists, orders for second hand electric cars through the salary sacrifice scheme have risen in recent weeks.
This made up a staggering 47 percent of The Electric Car Scheme’s total orders in May, the largest proportion so far in 2024.
Thom Groot, CEO and Co-Founder of The Electric Car Scheme stressed other concerns around EVs were not “materialising” with cost appearing to be the major stumbling block.
Thom explained: “Even we have been surprised by the level of demand we have seen for used EVs.
“It is clear any rumoured concerns about battery health or range are not materialising in the minds of customers who have a chance to make the electric jump at a lower price point.
“There is still a long way to go in terms of supporting EV uptake but it seems the second-hand market will not be the issue that many thought it may be.”
According to the analysis, some second-hand EVs are now lower than £200 per month making them more affordable for the masses.
Motorists can secure a used Nissan LEAF for just £192 per month with savings to be made across the board.
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The data shows motorists can secure a used Fiat 500e for £219 per month compared to £335 new in a sizeable 35 percent saving.
Drivers can secure 27 percent off a Tesla Model 3 with a second-hand model for just £356 per month through salary sacrifice compared to £485 new.
The same can be said for a luxury Jaguar I-Pace with costs down 61 percent from £865 per month to just £334 per month.
Research shows that high prices are the biggest concern for 68 percent of Brits with lower costs likely to lead to more sales.
Thom added: “Demand for EVs has never been the issue in terms of uptake in the UK, at the end of the day it is all about affordability.
“Our research shows that for over two-thirds of people, the cost is the biggest barrier to getting behind the wheel of an EV. This could be about to change drastically.
“As the used EV market matures, we are already seeing EVs available for less than £200 a month, a much more affordable price point, and one that is translating into strong demand.”
