EV prices have been slashed by nearly a quarter as drivers lose confidence, research shows.
The average cost of second hand electric cars is plummeting by a "phenomenal amount" as they sit for "months on end" without any buyers.
Research by online motor marketplace, AutoTrader, revealed the average price for a used EV has dropped by 21.4 per cent this month.
Marc Palmer, the head of strategy and insights at AutoTrader, told MailOnline: "The used market will now be slower to mature. There will be fewer new EVs registered and fewer used cars coming to market.
"There will be sections of the public, especially those who are sceptical, who will want to wait."
The expert explained that used cars are the "biggest" section of the industry, however motorists are likely to "take longer" in the switch to electric.
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"A lot of things are up in the air", he added.
Elon Musk's popular Tesla brand has been one of the worst affected, as well as other high-end models from BMW and Mercedes-Benz.
These companies saw their average cost fall up to 24.1 per cent each year.
Tesla has already slashed UK prices of its new cars multiple times in 2023, which in turn has also hammered the value of second-hand models.
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Motorists looking to buy one of their electric cars off the forecourt can now expect to see an average price tag of £32,463.
Meanwhile, according to figures reported by The Times, EVs were at their most expensive during the summer of last year – when second-hand motors went for up to £51,704.
Luxury used electric motors have since seen prices slashed by more than £10,000.
Umesh Samani, chairman of the Independent Motor Dealers Association, has attributed the plummet to Rishi Sunak's delay on the petrol and diesel car ban.
The dealership expert said recent changed have allowed "everyone some breathing space".
On why drivers may be hesitant to purchase an EV, he said: "It has been so volatile, dealers have been very frightened of getting involved with EVs.
"Many of our members have been stuck with EVs on their forecourts that they cannot shift, even as they are falling by £2,000 to £3,000 a month.
"That's a phenomenal amount."
This comes as the UK Prime Minister confirmed a delay on his ban of new petrol and diesel cars.
It was originally pledged to come into play by 2030, but has now been pushed back to 2035.
In a major speech delivered from Downing Street, the PM hailed The Sun's Give Us A Brake campaign as he ripped up expensive net zero policies.
He said: "What I'm focused on today is something that that The Sun in particular has been campaigning on for a long time.
"It's finding a fair proportional and pragmatic way to deliver net zero while bringing the country along with us and that's what we're delivering today.”
Other experts have given their thoughts on the drop in EV prices.
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Trade body, The Society of Motor Manufacturers and Traders, has said drivers stopped buying EVs due to concerns over cost and re-charging.
A report from the trade body, highlighting the stalled electric car private buyer market, said: “A faster and fairer mass transition [to zero-emission vehicles] is threatened by the absence of support for private buyers, many of whom plan to go electric but are delaying due to concerns over affordability and uncertainty regarding the availability of a charging network.”
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