30 electric cars price plunge turbulent year EV owners

author: FutureCar Staff    

Electric cars have experienced a significant decline in prices over the past year, with some nearly-new battery vehicles losing more than half of their value, according to exclusive data shared with This is Money. The oversupply of used electric vehicles (EVs) entering the market, coupled with falling demand, has led to a drop in second-hand EV values. In the last 12 months, the values of 30 electric car models have fallen by more than 30%, with the worst affected seeing a drop of over 50% in their average 2022 price. However, experts are divided on whether this trend will continue or if prices will stabilize in the coming months.

In contrast to the booming sales of new electric cars, the used EV market has seen a decline in values, potentially costing owners thousands of pounds if they were to sell their vehicles today. A combination of factors, including the cost-of-living crisis, high energy prices, increased scrutiny of electric cars in the media, an oversupply of used EVs, and Tesla's price cuts at the beginning of the year, have contributed to the decline in used EV values over the past year. The head of valuations at cap hpi describes the impact on second-hand electric car prices since October 2022 as "seismic."

Cap hpi has provided data on the biggest fallers in value over the past year for nearly-new EVs. The figures compare the sale price of a one-year-old EV with 10,000 miles on the clock in October 2022 to the sale price of a year-old EV of the same model and mileage in September 2023. The data shows a measure of deflation, highlighting the significant drop in EV prices over the past year. In contrast, the average values of year-old petrol cars have actually increased slightly over the same period.

Some of the biggest fallers in value include the Peugeot e-208, Hyundai Kona Electric, Vauxhall Corsa-E, Mazda MX-30, and BMW i3. These models have seen losses ranging from 37.1% to 39.9% in the last year. The Hyundai Ioniq Electric, Volkswagen e-Up, Nissan Leaf, Renault Zoe, and Seat Mii Electric have experienced even larger declines in value, with losses ranging from 40.8% to 50.3%.

While used EV prices have been on a downward trend, experts suggest that the worst may be over. The values of EVs have started to stabilize, with smaller and medium-sized EVs reaching attractive price points in the retail market. However, some premium EVs may continue to see further declines in value. Overall, the future of used EV prices remains uncertain, with potential for both further realignment and stabilization in the coming months.

FutureCar Staff