Big Motoring World data shows EVs costing less than ICE vehicles

The price of a two-year-old electric vehicle (EV) is, on average, now £1,800 cheaper than an equivalent internal combustion engine (ICE) model from the same manufacturer, according to analysis from car supermarket Big Motoring World.

The data highlighted the reduction in residual value suffered by many EVs from new, and the resulting bargains now on offer for used-car buyers.

Big Motoring World compared the value of two-year-old models on its forecourts that were available with the choice of ICE and EV powertrains, such as the BMW X3 and BMW iX3, or Vauxhall Corsa and Vauxhall Corsa Electric.

The residual value analysis identified that the potential savings for used buyers were most significant on EVs.

The analysis compared the two-year residual value of the eight most in-demand used vehicles currently available with both EV and ICE powertrains, to ensure a like-for-like comparison.

The lower EV value was subtracted from the higher ICE value, and the resulting figures were averaged across all eight models to reach an overall average saving of £1,837.

For example, customers who purchase a two-year-old electric BMW iX3 can expect to pay an average of £8,854 (22%) less than if they purchased an internal combustion engine BMW X3 of the same age and mileage.

This pattern was repeated across other brands, with an average £2,813 (12%) saving on a used Volkswagen ID.3 compared with the equivalent Golf, and an average £1,444 (5%) saving when buying a used MINI Electric Cooper instead of the ICE version.