Car tax is going up for electric cars just as their prices drop!
Electric car prices in the UK have dropped significantly, particularly in the used car market, driven by increased supply, reduced demand, and changes in market dynamics. Used EV values have declined sharply, with some models losing up to 50% of their value in just two years. For example, a used Tesla Model 3 from 2020 can now be found for as low as £16,000, and premium models like the Porsche Taycan have seen reductions of up to £40,000 compared to their new prices
This trend is fueled by several factors:
Oversupply of Used EVs: Many EVs are entering the secondhand market due to the end of leasing and corporate contracts, creating an oversupply that is outpacing demand
Price Pressure from New Models: Aggressive pricing by manufacturers on new EVs is also lowering the perceived value of used ones
Reduced Running Cost Advantage: High electricity prices have eroded some of the cost savings traditionally associated with EVs, making them less appealing to some buyers.
While these price drops offer excellent opportunities for budget-conscious buyers, concerns over battery life, limited public charging infrastructure, and residual values remain hurdles for some consumers. Despite this, the overall adoption of EVs continues to grow due to environmental considerations and long-term running cost advantages
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