Used Tesla prices saw some of the steepest declines last month, with three Tesla models ranking among the five biggest value losers in February.
According to the latest Market View analysis from Motors, second-hand EV values continue falling more rapidly than internal combustion engine (ICE) vehicles, with Tesla Model 3 and Y experiencing significant drops.
The previous-generation Mini Electric recorded the largest monthly decline. Three-to-four-year-old models lost 5.6% of their value, bringing the average price down to £14,429.
Tesla’s Model 3 in the same age bracket followed closely with a 5.4% drop, pushing average prices down to £20,859.
Two-to-three-year-old Model Y vehicles fell 4.9% to £29,639.
Older Tesla Model 3s (4-5 years) ranked fifth with a 4.2% decline to £19,009. Overall, used Tesla values have plummeted 22% on Motors since February 2024.
Motors’ marketing director Lucy Tugby noted that falling prices have made used Teslas more appealing to dealers, with stock levels jumping 77% over the past year.
“Our Market View data shows that ongoing price reductions have encouraged more dealers to add Teslas to their stock mix. With Tesla Model 3 prices averaging £20,300, these vehicles are becoming more affordable for consumers,” Tugby said.
“We will closely watch demand metrics as Tesla faces off against an increasing number of EV options from both emergent and legacy brands.”
While used EV prices have stabilized somewhat in recent years, Motors’ figures indicate they’re still declining faster than ICE vehicles. Month-to-month, EV prices fell 4% compared to roughly 1% for petrol, diesel, and hybrids.
Year-over-year data shows the average price of used EVs has dropped to £25,177 — a 13% decline.
These declining values spell trouble for sellers but create opportunities for buyers. An expanding pool of quality electric cars with low running costs is making EVs accessible to more drivers.
Recent research by EVUK found the average used EV costs £2,000 less than an ICE equivalent and saves owners approximately £5,300 in running costs over five years.
