A new report shows used EVs now cheaper than diesel alternatives as market sees price stabilistaion
Second-hand electric car prices are now more affordable than their equivalent diesel or hybrid alternatives, as the overall market sees price stabilisation after years of volatility, a new report shows.
The report, by DoneDeal Motors, shows demand for second-hand electric cars is up, with prices also increasing by 1% during January — the first positive monthly growth since the beginning of 2023 which indicates the used electric car market has stabilised compared with previous pricing declines.
According to the report, used electric cars are now 11.2% cheaper than comparable diesel cars and 12.7% cheaper than equivalent hybrid models on a like-for-like basis. However, electric cars are still 11% more expensive than petrol models.
On top of this, January saw a bounceback in new electric car sales, with 4,925 registered during the month — a 20% increase compared to the same period in 2024.
The report said the drop in pricing was making electric cars more accessible, which is “encouraging from an emissions standpoint” as “greater affordability and a growing second-hand market are likely to drive broader EV adoption over time”.
However, Ireland’s 2030 electric car adoption targets remain unlikely to be achieved without a significant shift in consumer behavior. Accelerating the rollout of charging infrastructure and more specifically targeted financial incentives for both used and new EV buyers would be critical to driving this transition.
The report also found annual inflation on petrol or diesel cars has significantly eased to 0.7% during the last three months of 2024.
This is the lowest rate since 2019.
The stabilisation of used car prices is largely due to a rebound in new car supply and import activity during 2023 and 2024.
New car registrations dipped slightly to 121,199 in 2024, down 1% from 121,850 in 2023. Meanwhile, used car imports surged to 61,583 in 2024, surpassing 60,000 for the first time since 2019.
This resurgence has been fueled by a notable shift toward non-UK imports, which accounted for 75% of total imports in 2024 — a stark contrast to 2019, when UK-sourced vehicles dominated at 95%.
Demand for used cars, measured by ad views on DoneDeal, declined by 15% in the second half of 2024 compared to the first six months of the year. However, the last three months of 2024 saw a rebound, with demand rising 20% year-on-year.