According to recent study, the cost of used electric cars (EVs) decreased by 15% in the second quarter of this year compared to the same period last year, reports RTE.
In contrast, hybrid vehicles had a 0.5% decline, while automobiles running on petrol and diesel saw a rise of nearly 5%.
For the first time ever, used EVs under five years old are now less expensive than diesel and hybrid vehicles, according to listings website DoneDeal Motors.
According to its most recent data, EVs were on average 8% less expensive between January and June than comparable diesel vehicles and 9% less expensive than comparable hybrid vehicles, reports RTE.
According to DoneDeal, the decline in pricing is the result of an increase in the supply of EVs in the used market, an increase in the supply of EVs in the new EV market, and slower than anticipated uptake.
The price of used models has decreased as a result of price reductions in new electric vehicles.
According to the website, the secondhand market is starting to observe the increased volume of new EV sales that have been occurring since 2019, reports RTE.
EVs made up less than 1% of the site’s entire stock two years ago, but now they make up more than 5%.
“With the new EV adoption in recent years we can finally see the used EV market maturing due to the more material volumes of new EVs that were sold in 2019 (3,444) and 2020 (4,013) now finishing their first ownership cycle of 3-4 years,” said Mr Hume, reports RTE.
“As more brands come to market with their constantly improving technology, it’s clear that EVs are becoming a more desirable and realistic option for more Irish drivers, particularly as the prices of used EVs come into line with diesel and petrol cars,” reports RTE.
According to DoneDeal, during the first half of this year, demand for petrol and diesel automobiles increased by 15% over the same period previous year, while supply of these vehicles increased by 19%.
Despite a 25% increase, secondhand imports are still less than half of what they were in 2019 due to Brexit, reports RTE.
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