Prices of used electric vehicles (EVs) during the second quarter of the year were down 15% on where they were at the same time last year, new research has found.
This compares to an increase of almost 5% for petrol and diesel cars, while hybrids fell by 0.5%.
Listings website, DoneDeal Motors, discovered that for the first time ever, second hand EVs that are under five years of age are now more affordable than diesel and hybrid models.
Its latest research shows between January and June, EVs were on average 8% cheaper than equivalent diesel cars and 9% cheaper than an equivalent hybrid.
DoneDeal said the surge in EV supply in the used market, coupled with a rise in supply in the new EV market and slower than expected adoption is to blame for the fall off in prices.
Price reductions in new EVs have also helped drive down the cost of used models.
"The landscape for EVs is changing rapidly and based on Ireland's largest source of car demand data at DoneDeal, we can see Ireland is now moving from the early adopter phase into the early majority phase with over 20% of searches for cars up to 3 years being on EVs," said Rob Hume, general manager of DoneDeal.
The website said it is now seeing the ramped-up scale of new EV sales since 2019 come through to the second hand market.
Two years ago, EVs accounted for less than 1% of the total stock on the site, but today they account for over 5%.
"With the new EV adoption in recent years we can finally see the used EV market maturing due to the more material volumes of new EVs that were sold in 2019 (3,444) and 2020 (4,013) now finishing their first ownership cycle of 3-4 years," said Mr Hume.
"As more brands come to market with their constantly improving technology, it’s clear that EVs are becoming a more desirable and realistic option for more Irish drivers, particularly as the prices of used EVs come into line with diesel and petrol cars."
Also during the first half of the year, DoneDeal said it saw demand for petrol and diesel cars rise by 15% compare to the same period last year, with supply of such vehicles climbing 19%.
While used imports were up by a quarter, although they remain less than half of what they were in 2019 as a result of Brexit.
'People are seeing the value'
One car dealership in north Dublin say they saw better than expected sales of used electric vehicles last month, which they believe is a result of recent price drops.
"There's been a readjustment or realignment of price, so there's great value now in used electric cars," says Jonathan Meade, Director of Hutton& Meade Car dealership in Blanchardstown. "We're seeing that used EV's are not much different to new ones, or to petrol or diesel."
Mr Meade believes that the lower prices have encouraged some motorists to buy second hand electric vehicles.
"Last month, 25% of all the used cars we sold were used EV's, which is an incredible number. It's usually 10 to 15%. So, people are seeing the value, buying the value, knowing that if they charge at home at night time and a night rate electricity. They can run the car very cheaply."
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Additional reporting: Joan O'Sullivan
