Used EV Market Turns Corner: Prices Show First Monthly Growth Since the Beginning of 2023
- olivekearney3
- Feb 26
- 8 min read
Updated: Mar 13
About this DoneDeal Motors Report
DoneDeal Motors is the largest car website in Ireland, listing 9 out of 10 cars advertised online from car dealerships nationwide.
In February 2025, there are over 64,000 cars from dealerships on site with over 4,000 of these being fully electric cars.
Key Highlights:
The latest car price index from DoneDeal Motors, Ireland’s largest car site, has found that Ireland's used electric vehicle (EV) market is showing signs of recovery and stability, with used EV prices now more affordable than equivalent diesel and hybrid models. This shift marks a significant turning point in the Irish automotive landscape, as prices of used EVs have now stabilised following the influx of new EV models in the last 3 years along with increasing demand for used EVs (Demand up 29% in last 12 months, DoneDeal proprietary data).
Positive Price Growth: January 2025 saw a 1% monthly price inflation for used EVs, the first positive monthly growth since the beginning of 2023, indicating a used EV market stabilisation compared with previous used EV pricing declines.
EVs are more affordable: Used EVs are now 11.2% cheaper than comparable diesel cars and 12.7% cheaper than equivalent hybrid models on a like-for-like basis.
EVs are still more expensive than petrol models: EVs remain 11% more expensive than their petrol equivalents. However, the price difference between used EVs and petrol cars is rapidly narrowing, from 30% in 2022 to just 10.7% in the second half of 2024.
Market Stabilisation: After sharp price drops throughout 2023 and early 2024, the rate of used EV price deflation has slowed significantly, with the lowest quarterly rate (1.8% in Q4 2024) since the beginning of 2023.
Record New EV Registrations: January 2025 also saw a record month for new EV registrations, with 4,925 units registered, a 20% increase compared to January 2024, (SIMI)
Increased Consumer Demand: Greater selection and affordability of EVs have reignited interest in EVs, with demand for 1-4 year old EVs on DoneDeal up 29% year on year (January 2025 versus January 2024).
Commenting on the report’s findings, Rob Hume, General Manager of DoneDeal said,
“Between 2022 and 2024, Ireland saw the introduction of numerous more technologically advanced, and more affordable new electric vehicles (EVs). This wave of new EVs has had a knock on effect on the used EV market with significant corresponding reductions in advertised prices for used EVs during the same period.
A combination of factors—continued growth in EV demand, a more established used market, and a slowdown in new EV price competition—now appears to have stabilised used EV prices after several years of decreases.
The significant price correction we've seen in the used EV market in recent years has resulted in unprecedented affordability, making electric vehicles a viable option for a wider range of Irish consumers. This affordability, coupled with the growing availability of second-hand EVs, is a crucial step towards broader EV adoption and a more sustainable transportation future in Ireland."
Key Findings: Petrol and Diesel Vehicle Market
Inflation Easing: Annual inflation for internal combustion engine (ICE) cars has significantly eased to 0.7% in Q4 2024. This is the lowest rate since 2019, indicating a recovery from pandemic and Brexit-related inflationary pressures.
Supply Recovery: The stabilisation is largely attributed to a rebound in new car supply and import activity during 2023-2024. This increased supply has positively impacted the used ICE car market resulting in price stabilisation.
Used Car Imports Increase: Used car imports increased by 21% in 2024 to over 60,000 but still remain 46% below 2019 levels of 113,000. A significant change has happened in the source of the imports - 75% of imports are now from non-UK sources, a stark contrast to 2019, when 95% of all imports were UK-sourced vehicles.
Supply Growth: The supply of used cars on DoneDeal increased by 4% in 2024.
Price Divergence: Overall price trends remained relatively stable throughout 2024.
However, a sharp divergence emerged between market segments, prices for lower-end vehicles (under €6,500) increased by 2.3%. Prices for premium vehicles (over €20,000) decreased by 1.7%.
DoneDeal Car Price Index:
Ireland’s transportation landscape is undergoing a significant shift, with electric vehicles (EVs) evolving from a niche market—representing just 2% of new car registrations (3,443 units) in 2019—to mainstream adoption, capturing 15.9% (19,235 units) by 2024. This surge, driven by technological advancements, fuel savings, government incentives, and environmental awareness, saw registrations rise sharply which have now begun to translate into the used car market, with over 4,200 EVs currently for sale on DoneDeal, compared to approximately 1,500 in Q1 2023.
Over the past three years, Ireland’s used electric vehicle (EV) market has experienced significant price volatility, reflecting the interplay of shifting consumer demand, supply dynamics, and broader economic forces. Using DoneDeal data, we can develop a mix-adjusted price index specifically for used EVs in Ireland. In 2022, prices surged as global supply chain disruptions, semiconductor shortages, and soaring demand for greener transport options squeezed availability, creating a seller’s market for early EV adopters. However, by mid 2023 and into 2024, used EV prices in Ireland fell sharply by an average of 3% per quarter and as much as 5.8% by mid 2024. This was due to a combination of factors: Increased competition in new EV market resulting in price cuts, an influx of second-hand EVs, reduction in grants, EV misinformation, and a lagging charging infrastructure which dampened demand and pushed prices down.
Rolling 12 month % Share of New Registrations by Fuel Type (SIMI)
A consequence of this correction phase was that used EV prices dropped to more affordable levels, and we reported in our last report that EVs had become cheaper than equivalent diesel and hybrid models on a like for like basis. By the end of 2024 the greater selection and affordability of EVs reignited interest among cost-conscious consumers. Used EV price deflation slowed to its lowest quarterly rate (1.5%) since the beginning of 2023, a sign that the market is finally turning a corner.
Preliminary DoneDeal and SIMI data from the start of 2025 seems to support this. In January, monthly price inflation for used EVs was 1%, the first positive monthly price growth since the beginning of 2023. New EV registrations also has a record month in January 2025. SIMI’s latest report on new car registration indicates that some 4,925 EVs were registered in the Republic last month, a single-month record and up 20% on January 2024.
The key takeaway from this price adjustment is that EV prices are decreasing, making them more accessible. This is encouraging from an emissions standpoint, as greater affordability and a growing second-hand market are likely to drive broader EV adoption over time. However, Ireland’s 2030 EV adoption targets remain unlikely to be achieved without a significant shift in consumer behavior. Accelerating the rollout of charging infrastructure and more specifically targeted financial incentives for both used and new EV buyers would be critical to driving this transition.
DoneDeal Used EV and Hybrid Cars Price Index 2020 - Jan 2025
EVs are now more affordable than diesel and hybrid cars
Significant price drops in EVs have made them more affordable than diesel and hybrid cars on a like-for-like basis. While they still cost more than petrol cars, the gap is closing quickly. The high upfront cost, once a major barrier to EV adoption, is becoming less of an issue. By analysing extensive data from DoneDeal listings, we can track how the price differences between EVs and other fuel types have evolved in recent years.
Analysing a sample of used cars under five years old on DoneDeal reveals how EV prices have declined relative to diesel and hybrid cars. In 2022, EVs were, on average, 10.2% more expensive than comparable diesel cars. By 2023, as EV prices dropped, this gap narrowed to 2.6%. In the second half of 2024, EVs have become 11.2% cheaper than diesel cars and 12.7% cheaper than equivalent hybrid models on a like-for-like basis.
The price difference between EVs and petrol cars is also narrowing. In 2022, an EV was nearly 30% more expensive than a comparable petrol car (considering factors like age, mileage, and make). In the second half of 2024, this gap has narrowed to 10.7%.
Average price differences for used EV cars versus other fuel types over the past three years
We took a sample of used cars less than 5 years old on DoneDeal and compared the difference in price between EVs and other fuel types on a like-for-like basis (holding make, car age, and mileage etc constant). The table below shows how the difference in prices has changed over the past three years as EV prices have fallen.
Broader Market Trends: Internal Combustion Engine (ICE) Cars
The petrol and diesel vehicle market is showing signs of recovery from the inflationary pressures triggered by the pandemic and Brexit. Annual inflation for internal combustion engine (ICE) cars eased to 0.7% in Q4 2024, marking the lowest rate since 2019. This stabilisation stems largely from a rebound in new car supply and import activity during 2023–2024, which subsequently spilled over into the used car market.
New car registrations dipped slightly to 121,199 in 2024, down 1% from 121,850 in 2023. However, sales remained 15% and 16% higher than 2022 and 2021 levels, respectively. Meanwhile, used car imports surged to 61,583 in 2024, surpassing 60,000 for the first time since 2019 and reflecting steady growth from 46,490 (2022) and 50,717 (2023). This resurgence has been fueled by a notable shift toward non-UK imports, which accounted for 75% of total imports in 2024—a stark contrast to 2019, when UK-sourced vehicles dominated at 95%. Despite this recovery, import volumes remain subdued compared to pre-pandemic figures (117,047 in 2019 vs. 61,583 in 2024, per SIMI data).
Demand for used cars, measured by ad views on DoneDeal, declined by 15% in the second half of 2024 compared to the first six months of the year. However, Q4 2024 saw a rebound, with demand rising 20% year-on-year relative to Q4 2023. Meanwhile, supply of used cars on the platform grew by 4% across 2024, peaking in the third quarter before moderating.
Price trends remained steady overall, with quarterly inflation hovering between -1% and +1% throughout the year. However, a sharp divergence emerged between market segments: Prices for lower-end vehicles (under ~€6,500) rose by 2.3%, while the premium segment (over €20,000) saw deflation of 1.7%.
DoneDeal Price Index: 2018 - Jan 2025
Price index trend from the base month of January in 2018, for all ICE cars.
Car Price inflation - Real world indicative examples
We took a sample of cars with different age and value profiles to better illustrate what car values might look like for buyers and sellers in the market today.
Summary Price inflation by car price cohort
The below table displays current inflation rate by market segment and time period.
Methodology
DoneDeal is the largest car website in Ireland, listing 9 out of 10 cars advertised online from car dealerships. Economist Tom Gillespie analysed over 5m of DoneDeal’s vehicle listings from 2011-2025 using hedonic regression analysis to isolate pricing inflation associated with vehicles after controlling for mileage, age, and other vehicle attributes.
All of DoneDeal's reports are based on data associated with the car, its fuel type, its location, make, model, etc. We then aggregate the ad views or enquiries made on that specific ad. We do not use cookies or users' personal data to form any part of our analysis.
