Used Electric Vehicle Prices Drop Amid Rising Supply UK, US

The electric vehicle (EV) market is experiencing dynamic shifts both in new and used car segments. Hyundai's Inster, recently named the 2025 World Electric Vehicle, offers a compelling compact EV option with a 327km range starting around $39,000, though it faces stiff competition from more affordable models like the BYD Dolphin and GWM Ora. In the UK, manufacturers are proactively providing discounts and incentives, such as Hyundai's £3,750 price cut on the Inster and VW's £1,500 off selected models, to counter delays and uncertainties around the government's shrinking EV grants, which have caused some buyers to hesitate. Meanwhile, the used EV market is growing rapidly, with a 62% increase in supply year-over-year leading to significant price drops, especially among Tesla models, making used EVs an attractive option for cost-conscious buyers. Popular used alternatives to the Tesla Model 3 include the BMW iX and Porsche Taycan, which offer high performance and luxury at substantially reduced prices compared to new models. These trends reflect a broader industry effort to maintain EV affordability and accessibility amid evolving government policies and consumer demand.