Used electric cars increase in value

Rising fuel costs have pushed demand for second-hand EVs, sending the market for used electric cars into a rare upswing. Diesel has breached £2 per litre and petrol sits above 170p, prompting drivers to look for cheaper alternatives. Over the past six months, valuations for several three-year-old models have climbed as much as 28 percent, according to Solera cap hpi.

Fuel price pressure fuels price gains

In April, a three-year-old Mini Electric with 30,000 miles was listed at £9,905. Today that same example commands £12,710, a rise of £2,805. The Mini tops the list of recoveries, reflecting a 28.3 percent jump since the spring.

The Tesla Model 3 follows, moving from £18,375 in April to £22,188 now, a gain of £3,813 or 20.9 percent. Its competitor, the Polestar 2, posted a similar increase, climbing from £18,057 to £21,822 – a £3,765 rise, also 20.9 percent.

Mid-range models are not left behind. The Cupra Born rose 19.9 percent, adding £3,080 to reach £18,555. The Subaru Solterra saw a 19.3 percent lift, moving £2,575 higher to £15,925.

Even budget-friendly options have felt the lift.

Chris Plumb, head of current valuations at Solera cap hpi, notes that many models suffered steep drops after launch and remain cheaper than new. “What we’re really seeing is a recovery from previously depressed positions rather than a market running away with itself,” he said.

Nevertheless, the trend has broader implications for owners and leasing firms. Toby Poston, chief executive of the British Vehicle Rental and Leasing Association, says stronger demand is stabilising used-EV values, benefitting those who already own or lease electric fleets.

Other notable performers include the Tesla Model 3, Polestar 2, Cupra Born, and Subaru Solterra. The MG5 estate, now trades at £10,731, reflecting an 18.9 percent increase.

While the recovery is evident, some models still lag. The Mini Electric, despite its strong percentage gain, offers a modest official range of 145 miles, realistically delivering around 100 miles in winter conditions, and its boot space remains limited.

Among the first-generation Mini Electric’s distinguishing traits are its limited rear-seat space and a compact boot, factors that have long shaped buyer expectations. Production of this version ceased in 2024, making way for a refreshed model that retains the iconic design while addressing some practicality concerns.

Because the Tesla Model 3 suffered notable depreciation a few years back, its current resale levels still sit well beneath the price of a brand-new example. The vehicle continues to offer a spacious cabin and performance figures that appeal to families, while its official range spans roughly 305 to 358 miles depending on the trim.

Despite the Polestar 2’s reputation as a credible rival to the Model 3, its appeal is reinforced by a generous official range that can reach up to 406 miles on a single charge.

With the Cupra Born, drivers benefit from a sportier interpretation of a mainstream hatchback, delivering an official range of up to 340 miles. A three-year-old example typically offers between 233 and 343 miles, positioning it as a viable family car well under the £20,000 mark.

Market implications beyond price

When considering the Subaru Solterra, it is effectively a rebadged Toyota bZ4X, featuring an official range that can extend to 289 miles. Its spacious SUV layout accommodates larger families, and the vehicle’s range envelope of 257 to 289 miles supports a week’s worth of typical driving for many owners.

Because the MG5 estate pairs an electric powertrain with a substantial boot, it stands out in the used market. The model provides a 479-litre cargo area and a real-world range close to 200 miles, while official specifications list between 235 and 250 miles depending on the trim level.