DRIVERS are often put off buying new electric cars due to hefty price tags and long charging times.
Tesla motors and the equally popular KIA EV6, command fees upwards of £46k despite a recent decline in asking prices.
A potential solution to beating these sky-high prices is to buy a used electric vehicle with prices tumbling.
Two weeks ago, Auto trader reported that average used EV prices on its platforms had fallen 9.1% in February.
It comes as Elon Musk slashed the price of new Tesla Model S and Y vehicles, causing used Tesla prices to tank.
It means now might be the best time to buy into the used EV market – here’s what you need to know.
And switched-on car buyers are delaying the purchase of a used electric motor in order to benefit from further price drops, a survey found.
Research by eBay Motors Group found that more than four in 10 customers know about collapsing used EV values.
And the survey discovered that around 10 per cent of buyers are willing to delay their next purchase by up to three months in order to bag themselves the best deal.
Meanwhile, 15 per cent of the 2,001 respondents said they would wait from four to six months and a further 15 per cent by seven to 12 months.
Lucy Tugby, marketing director of eBay Motors Group, said: « With used EV prices undergoing a turbulent time, our Consumer Insight Panel research sheds some important light on how this is impacting current buying decisions.
« Savvy customers are holding back in the hope that used EV prices will continue to drop.
« This consumer uncertainty means dealers need to nurture inbound leads with even more care than usual and think about their messaging to customers.
« We expect used EV prices will eventually find their level once falling wholesale values stabilise and are more aligned to consumer expectations and budgets. »
However, Tugby says that a recovery in the market could be just around the corner.
She told Car Dealer Magazine: « During 2022, we saw buyer interest in EVs begin to fall.
« This indication of recovery, with two in 10 buyers now expecting their next car to be an EV, is likely to be driven by multiple factors, including a growing acceptance and understanding of the cost-of-living crisis, pay review settlements and the expanding range of EV brands and models coming to the market. »
It comes as experts said drivers were put off from buying electric cars due to a series of problems.
Motor experts think that the main problems are the high cost of electric cars and the introduction of the EV tax.
And Jeremy Hunt’s plan could also harm those looking to buy an EV ahead of the 2030 ban on the sales of new petrol and diesel cars.