New July 2025 rule could see price cuts for these | Tech News
Barry Judge, CEO at Cazoo defined: “It’s great news for motorists that the Government has introduced a new electric car grant – this also has the potential to stimulate the used electric vehicle market.
“Today’s new cars become the used cars of tomorrow. A reduction in new prices could flow through to a reduction in used car prices, as they need to appear more competitive against a newer alternative.
“More importantly, this move drives curiosity in EVs. When people realise that there are used as well as new options, they may well be attracted to some very attractive prices for used EVs.”
Two in 5 used electric automobiles at the moment are bought at beneath £20,000, and costs could come down even more as a end result of the coverage.
However, second-hand marketplaces now have some electric automobiles priced at beneath £5,000 for these trying to take their first steps into EVs. But, some of the best electric automobiles are now the identical price and even cheaper than their petrol and diesel equivalents.
Experts burdened that the quantity of fashions on the market was having a direct affect on pricing with more stock normally equalling decrease charges.
Barry added: “Our most recent data shows that the average price of an EV is now below those of hybrids – EVs being £24,185 on average and hybrids £24,902. This price is also a -25% reduction in price since the peak in October 2023, and a -8% drop from June 2024.
“At the same time, alternative fuel cars (including hybrids and EVs) now make up a record 18% of stock on our platform. Simply, there is more choice and more attractive pricing for used cars.”
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