The prices of used electric vehicles (EVs) in the UK have plummeted as Britons increasingly opt for cheaper Chinese or lesser-known models, a new report has revealed. Prices for these secondhand vehicles have dropped to around £25,000 from £39,000 three years ago, according to Cazoo data - a decrease of £14,000.
The automotive online marketplace has also warned that prices may plummet even further in the next year, to as low as £20,000. The trouble has, in part, been caused by an influx of Chinese models to the UK, amid an 87% rise in global exports last month compared to the same period a year ago, with a total of just under 200,000. According to Cazoo's survey, the UK has also seen a significant decline in so-called "badge snobbery", with six in 10 Brits now willing to buy these Chinese models instead of more famous brands like Tesla, BMW and Hyundai.
This decline in brand snobbery comes despite Cazoo noting a "very low" awareness among Brits of Chinese brands, with 40% having heard of BYD and only 12% aware of Jaecoo, despite the latter boasting 90 dealerships across the UK.
While sales in Mexico and Asia were the highest, exports to Europe rose by almost two-thirds to 43,000, according to figures from China Customs, as reported by The Telegraph.
BYD (Build Your Dreams) sells models like the Seal U, Dolphin and Atto 3, and was founded in Shenzhen in January 2003. Since 2020, BYD Auto has experienced substantial sales growth, and in 2022, it ended its production of purely internal combustion engine vehicles to focus on new energy vehicles. BYD sold a record 4.3 million vehicles globally in 2024, representing a significant 41% year-over-year increase.
Jaecoo, meanwhile, was established in 2023, and its UK offering is primarily the JAECOO E5, a compact, affordable electric SUV known for its rugged styling, tech-filled interior, which has a range of around 248 miles from a 61.1kWh battery. The name combines the German "Jäger" or "hunter" and the English "cool".
Lucy Tugby, from Cazoo, said: “We expect to see more Chinese EVs from the likes of BYD start to make their way to the second-hand market, as early adopters of these vehicles a couple of years ago upgrade to newer models.
“As these brands continue their aggressive expansion in the UK, we will see them gain more of a share of both the new and second-hand markets in the coming years.”
This comes as another major blow to the UK's EV industry, following the announcement of a new tax by Chancellor Rachel Reeves in the Budget last month. From April 2028, electric car drivers will pay a road charge of 3p per mile, while plug-in hybrid drivers will pay 1.5p per mile, with rates to increase annually in line with inflation. The new tax is about "half the fuel duty rate paid by drivers of petrol cars", according to the Office for Budget Responsibility (OBR).