Dealers are offering discounts of more than 50% on ex-demonstrator electric cars as they battle slowing demand.
The incentives mean that low-mileage examples of EVs such as the Nissan Leaf and Vauxhall Mokka Electric can be bought for less than their nearest petrol-powered equivalents with similar mileage.
They are being offered in part to ensure the ex-demo EVs undercut new models, which are also being offered with sharp discounts to boost sales as manufacturers try to hit their zero-emission vehicle (ZEV) mandate targets.
There is also a supply-and-demand factor: because tax incentives encourage company car buyers – which account for the bulk of EV sales – to opt for new cars, there is still only a limited market for used EVs. Yet there is a large amount of stock, owing to the volume of pre-registered EVs.
Autocar found a 2023 Leaf N-Connecta with 1500 miles listed at a dealer in Belfast for £13,999, a 54% reduction on its list price of £30,400.
Meanwhile, a 2023 Vauxhall Mokka Electric Ultimate with 1800 miles was available at a Great Yarmouth dealer for £17,798 – also down 54% on list.
As for ICE models, a 2023 Nissan Qashqai with 3800 miles was offered for £22,911, reduced by only 27%, while a 2023 Mokka Ultimate that had covered just 2500 miles was £20,990, down 29%.
This drastic drop in prices of nearly new electric cars comes as manufacturers also push sales of new EVs in order to hit government-imposed emissions targets and thereby avoid big fines.
Major manufacturers have introduced enticing incentives to stimulate sales of their electric models. Skoda, for example, is currently offering 0% APR finance and large deposit contributions on brand-new Enyaqs. Terms for an Enyaq through Skoda’s approved-used programme typically range from 11-15% APR, with deposit contributions of up to £1000.
