Filenews 3 October 2025 - by Charalambos Zakos
Pure electric cars are considered by many to be the future of mobility, as they bring with them significant benefits for the environment and the driver. Lower emissions, lower travel costs and quiet operation are just some of the advantages.
However, this new technology also comes with several disadvantages, the most important of which is the high purchase price. This fact, combined with the low resale value, prevents many consumers from "investing" in an electric vehicle.
Precisely to address this obstacle, the state in recent years has proceeded to implement grant schemes for the purchase of electric cars. The response of the citizens was impressive, with applications being sold out in a few minutes. At the same time, the entry of more models into the market, as well as the opening of new car manufacturers in Cyprus, gave more choice to consumers and contributed to a slight de-escalation of prices. Nevertheless, prices remain high, since buying the same model with a conventional internal combustion engine costs significantly less.
The shift to second-hand
In this context, used electric cars emerge as an "advantageous" option. Until recently, the market for used electrics in Cyprus was almost non-existent. This picture seems to be changing, as on the one hand the interest in electric cars has increased and on the other hand the state offers sponsorships even for used ones.
Thus, a new, more affordable option was created for those who want to get an electric vehicle, but at the same time do not have the necessary financial resources for such a large (new) purchase.
With a brief market research, one can easily see that two- or three-year-old used electrics are currently sold at prices that seem "humiliating" compared to their original value. It is normal for the price of a used car to be lower than a new one. But, in the case of electrics, the difference is chaotic. There are cases when used 2-3 year old electrics are sold below half the price of the original purchase or even close to 1/3, while some others, one or two years old, are sold for around 60% of the price of the new one.
Why do prices fall so much
The main reason is the concern about autonomy. Most drivers are still concerned about whether they will be able to travel long distances without stress and whether their travel needs will be met without stress. Also, an additional issue is that the network of chargers in Cyprus, although developing, remains limited. In addition, the high cost of replacing batteries is a major factor that deters many citizens. Their lifespan is several years, but the possibility of future replacement - at a high cost - makes prospective buyers more hesitant.
The result of all this is a rapid reduction in their resale value. Thus, while for the first owner the purchase seems unprofitable, for the second it can be particularly advantageous, especially if he also benefits from state sponsorship.
The used electrics market in Cyprus is still at an early stage, but all indications are that it will experience further growth in the coming years. This prospect, combined with the technological improvement of batteries, seems to have already radically changed not only the way consumers see electric vehicles, but also the car market itself bargaining.
