EV bargains: why some nearly new electric cars are being heavily discounted

Thinking of buying an electric car? With huge discounts available on some models, it’s well worth looking at the nearly new market.

Electric cars (EVs) tend to be more expensive than other fuel types. In fact, our car pricing data shows that in July 2024, the average new EV cost just over £47,000 – that’s nearly £10,000 more than all other fuel types. So even with personal contract purchases (PCP) deals, you’re looking at hefty deposits, high monthly payments and a significant final purchase cost. 

However, if you're willing to look at a nearly new EV, you might be rewarded with a significant discount on a model that has barely any miles on the clock.

Read on to discover some examples of heavily discounted nearly new EVs, why dealerships are offering them and how to find similar deals yourself.

Find out how to get the best price when selling your existing car

Nearly new EVs we found with big discounts

We did some snapshot analysis using Auto Trader and Carwow, where dealerships often advertise their latest and greatest deals.

Note that the details below are based solely on the information provided by the dealership and are not recommendations to buy. 

It didn’t take us long to find a Peugeot e-308 SW GT exclusively offered through Carwow on behalf of Perrys Peugeot for just £21,995 – that's 48% less than the list price. What's more, it was listed as having under 100 miles on the clock.

Meanwhile on Auto Trader, we spotted a Nissan Leaf N-Connecta on sale at Brayleys Nissan for £16,481. That’s 47% off the list price for a car that's only done 10 miles.

Similar deals can be found on high-end EVs, such as the Audi RS e-tron GT Carbon Black, which we found on sale at West London Audi for £80,000, which is 43% off the list price. This one had 100 miles on the clock – the dealership told us it had been used as a 'static demo' car.

Of course, a discounted EV isn't necessarily a good EV, and some of the models we found didn't score particularly well in our latest reliability survey. So be sure to click through to our reviews to find out how they score (both in our labs and for reliability).

Why are these EVs so heavily discounted?

Regardless of fuel types, discounts on nearly new cars aren't uncommon. However, the sheer size of the discounts for some nearly new EVs is startling.

One reason why certain manufacturers are running large discounts on their EV models is the government’s zero-emission vehicle (ZEV) mandate, which applies to any brand that sells more than 2,500 cars per year in the UK. It dictates the proportion of EVs a manufacturer must sell in the UK. In 2024, this proportion is 22%, and it gradually rises in each year after (it’s 28% in 2025, for example).

If a manufacturer fails to meet this target, it could be fined £15,000 per car it sells that’s outside the allowance. This is unlikely to happen, though, as there are several ways to avoid this. Non-compliant manufacturers can buy ‘credits’ from manufacturers that do comply, for example. Manufacturers that do comply can also ‘bank’ sales that can be traded in years where they may not comply.

This system was introduced in 2023 as a part of the ban on fossil-fuel powered cars being pushed back from 2023 to 2035. Certain brands, such as Subaru and Peugeot, have publicly stated that they’ve complied with the 22% rule at various times this year, while brands that aren’t performing well will be under pressure to increase sales.

Business and fleet sales account for the vast majority of new EVs in the UK. But they don’t typically buy cars from traditional car dealerships – they’ll either go directly to the manufacturer or a specialist fleet-management company.

This leaves traditional dealers that need to sell EVs in a hard place, as they have to balance meeting sales targets with the fact that private demand for EVs is relatively limited. We’ve also spoken to dealers that have mentioned the cars they’ve offered are ex-showroom demonstrator models or were bought from the manufacturer for significantly less than the list price.

We’ve also seen some EVs (such as the Jaguar I-Pace) advertised with heavy discounts as the brand is in the process of phasing out the model.

Car finance explained: discover the pros and cons of each, and which is best for you

Are there any catches?

One downside with these deals is that you need to be flexible on trim levels and optional extras – aside from metallic paint, most of the models we identified didn't come with any extras.

On the other hand, you might find a high-end model with a lot of options that you may not even want. If you’ve something specific in mind, you might end up having to wait a long time for a deal to materialise or just accept that you won’t find as big a discount on it.

Not all manufacturers offer significant discounts. Tesla, for example, is under no pressure to meet the ZEV mandate as its entire range is electric, though that hasn't stopped it dropping the price of its Model 3 and Model Y.

We also found that some deals can disappear very quickly. But there’s generally a lot of choice with discounted cars, so don’t feel disheartened if you miss out.

Problems with a new or used car?

We can help you understand your rights and draft a free complaint letter.

Know your rights

Find a nearly new EV discounts in 4 steps

There are some amazing deals out there, but also a few things to be aware of. Here are our top tips on finding (and checking) the best deals. 

1. Start your search

When scouring online buying sites for deals, use the filters to search for electric cars and set the mileage to under 100 miles (note that Carwow doesn't let you set the minimum mileage this low, but you can order your results to show those with the least mileage first).

If you get nothing, increase the mileage until cars start appearing. Next, either use the filters to set a maximum price or just order by cheapest first.

2. Deal or no deal?

Once you’ve found a few cars, it’s time to work out how good the deals actually are. Our car reviews show how much the entry-level model costs to buy new, including typical discounts. You can also check the list price for specific models on the manufacturer’s website.

3. Check the age

We found numerous nearly new electric cars with very little mileage that were a couple of years old. As well as getting a shorter manufacturer warranty, an older model might mean you’re not getting the very latest version of a car, losing out on some extras as a result.

4. Verify the details

As always, do your due diligence before parting with any cash. Look for reviews on the dealer, check for any returns policy and be sure to ask whether there’s any damage to the car. It’s also worth checking that the manufacturer warranty is still valid.

Drive smarter and cut costs using our expert advice. Get our Cars newsletter – it's free monthly.