Used electric vehicles are now selling for about 11% less than comparable diesel models, according to a new report from DoneDeal Cars, signalling a significant shift in the second-hand car market.
The finding is based on an analysis of dealer-listed vehicles less than five years old available on the online marketplace. The study compared prices across different fuel types using like-for-like criteria, taking into account factors such as vehicle age, mileage and model.
According to the DoneDeal Cars Price Index, the typical asking price for a three-year-old electric vehicle currently stands at €28,825. By comparison, a diesel vehicle of the same age has a median asking price of €35,893, highlighting a widening price advantage for EV buyers in the used market.
Petrol-powered cars remain the most affordable option upfront. A typical three-year-old petrol model is priced at around €22,900, although the report noted that the price gap between petrol and electric vehicles has narrowed considerably in recent years.
The analysis suggests that the sharp decline in used electric vehicle prices has now begun to stabilise. The earlier drop followed a turbulent period for the EV market, driven by falling prices for new electric cars, reduced government purchase incentives and a growing supply of EVs entering the second-hand market.
Dr Tom Gillespie, economist and analyst behind the DoneDeal Cars Price Index, said the latest data indicates the market may have reached a more sustainable pricing level.
He noted that EV prices are stabilising while supply conditions continue to improve, adding that price movements are becoming more predictable again after several years of volatility.
Paddy Comyn, Head of Automotive Content and Communications at DoneDeal, said the used car market has been adjusting after unusual pricing trends during the pandemic.
Vehicle prices surged during the period of supply shortages but later corrected sharply once supply improved and carmakers began cutting new-vehicle prices. According to Comyn, the market now appears to be settling into a more normal pattern.
He added that electric vehicles are no longer commanding a price premium over diesel models in the used market. In many cases, EVs are now thousands of euros cheaper, marking a notable turning point for buyers considering switching to electric mobility.
However, the report highlights continuing pressure at the lower end of the used car market. Prices for vehicles costing less than €6,000 increased by 7.6% year-on-year, reflecting ongoing shortages of more affordable cars.
The study also points to significant changes in Ireland’s used car supply chain following Brexit. Imports from the United Kingdom have dropped sharply since 2019, while Japan has emerged as the largest source of used car imports, now accounting for roughly half of all vehicles brought into the country.
Many of the vehicles imported from Japan are European brands that were originally sold in the Japanese market before later being re-exported to Ireland.
