While there are local specificities from one country to another, the major trends in the global second-hand electric vehicle (EV) market are emerging with striking similarities. Whether in the UK, France, the United States or China, a common dynamic is observable: a surge in supply, growing buyer interest, and a significant price drop. These combined factors are naturally boosting the volume of transactions. While range anxiety remains the main barrier to buying a new EV, the second biggest obstacle is undoubtedly the purchase price. The second-hand market now offers a tangible solution to this issue.
A More Mature Market, a Broader Supply
In just a few years, the second-hand EV market has matured significantly. The steady rise in new electric vehicle sales year after year is now being reflected in the used car market. Over 17 million electric vehicles were sold worldwide in 2024—an impressive increase of nearly 3 million units compared to 2023—which is mechanically feeding the second-hand market. As a result, the stock of used EVs is rapidly growing, especially in Europe and the United States. For instance, the Society of Motor Manufacturers and Traders (SMMT) recently reported a record rise in used EV sales in the UK in early 2025, with a year-on-year growth of 57% in the fully electric vehicle segment. Across the Channel, in France, second-hand EV transactions have risen by 54%, driven by the growth of social leasing schemes and fleet renewals. In the U.S., the figure reaches as high as 60%. This increase in supply is accompanied by a natural consequence: falling prices.
The Good News: Falling Prices
Another key driver of this new market momentum is the rapid depreciation of electric vehicles. Their value drops faster than that of combustion engine models in the first few years. In 2024, some of the most popular electric models lost up to 30% of their value in just one year! While this may be concerning for first owners, it is excellent news for potential buyers, making it possible to purchase a used EV at very competitive prices—sometimes for under €15,000 on the French market, for example. In the UK, the average price of a second-hand EV dropped by nearly 20% in a year, and by 15% over the same period in the U.S. This price drop is finally opening up the electric vehicle market to a broader customer base, often excluded from buying new, leading to a kind of “democratization” of the electric vehicle. This is even more evident in the world’s largest EV market: China. There, the average price of a second-hand electric vehicle is around €10,200—still higher than the average price of a used combustion vehicle (€6,500). But it’s worth noting that more than half of second-hand EV transactions take place below the €6,000 mark, meaning they’re in fact cheaper than the average combustion vehicle. Add to that the fact that used EVs for sale in China are on average less than four years old, and it becomes clear that one can now afford a cheaper and more recent electric vehicle than a comparable combustion model. The second-hand market is now playing a crucial role in the transition toward more sustainable mobility. More accessible and more diverse, it’s becoming a strategic gateway for many households looking to drive clean without breaking the bank. As prices continue to drop and supply expands, 2025 could well be the tipping point for the second-hand EV boom—a turning point that may accelerate the global adoption of electric mobility, far beyond the early adopters.
