Used EV prices continue to slide as older petrol and diesel cars gain value
Michael McAleer
Used electric vehicle (EV) prices in Ireland are still declining but are starting to stabilise after steep declines through 2023 and 2024, according to a new report from used car website DoneDeal. In contrast older petrol and diesel values are on the rise.
The report found that used EV prices are down 2.8% on last year. However, that compares to an almost 13% year-on-year in 2024.
Despite the ongoing decline in prices, the report says the prices of new electric cars have fluctuated considerably over the past two to three years as manufacturers adjusted prices, usually downwards, as the new EV market found its feet. "When large discounts were applied to new EVs, this had a knock on effect, negatively, to the value of used EVs. This has now largely stabilised."
It attributes this "to more certainty about the new prices of EVs and an end to the dramatic price reductions by manufacturers which caused upheaval in the used EV market".
In contrast strong demand for older petrol and diesel cars is driving an 8.4% annual price increase at the lower-priced end of the market. The report found prices for petrol and diesel engined cars are up 3.1%, with older models from 2010 up by 8.4% year-on-year. Prices for newer combustion engine cars - from 2021 - remain flat. Hybrids are also showing resilience, with values up 1.7% annually.
The average asking price for a three-year-old plug-in hybrid is €39,950, compared with €32,950 for a diesel, €26,749 for a hybrid, and €21,900 for a petrol. In comparison, a 2022 EV is averaging €27,900.
Paddy Comyn of DoneDeal Cars said: “Our data shows that the sharp correction in used EV values has passed. Prices are stabilising, with annual declines easing from almost 13% late last year to under 3% today. This reflects a maturing market where supply and demand are finding balance, giving buyers more choice and reassurance.
"In terms of internal combustion engine cars, a strong demand for smaller petrol and diesel cars is driving a price increase of just over 8% at the lower end of the market for cars such as older Volkswagen Golf and Audi A4 models."
