30 electric cars with biggest price drops in turbulent year for EV owners

author: FutureCar Staff    

Electric cars have experienced a challenging year in terms of falling prices, with some nearly-new battery vehicles losing more than half of their value, according to exclusive data shared with This is Money. Over the past 12 months, the values of second-hand electric vehicles (EVs) have plummeted due to a combination of falling demand and an oversupply of used models in the market. The data reveals the 30 electric cars that have experienced the largest declines, with all of them losing more than 30% of their value compared to a year ago. The worst affected model has seen its average price drop by over 50% in 2022.

However, the question remains: have electric car prices hit rock bottom, or will they continue to decline? A market expert offers his prediction for the coming months, discussing whether prices will stabilize or continue to fall.

The used electric car market has been hit hard in contrast to the new car market, where EV sales are booming. The oversupply of electric models in the used market, combined with factors such as the cost-of-living crisis, high energy prices, increased scrutiny of electric cars in the media, and Tesla's price cuts earlier this year, has contributed to the significant decline in values over the past 12 months.

Derren Martin, head of valuations at cap hpi, describes the impact on second-hand electric car prices as "seismic," with values starting to decrease 12 months ago. The data reveals the biggest fallers in value over the past year, comparing the sale prices of one-year-old models with 10,000 miles on the clock in October 2022 and September 2023. The figures highlight the significant deflation in prices and the contrast with the slight increases in values for year-old petrol and diesel cars.

The article then goes on to list the top 10 used electric cars that have experienced the largest price declines, including models such as the Peugeot e-208, Hyundai Kona Electric, and Vauxhall Corsa-E. The data shows the average price of a one-year-old model with 10,000 miles on the clock in October 2022 and September 2023, highlighting the substantial losses in value for each model.

The article concludes by discussing the future of used electric car prices. The market expert suggests that while the worst may be over, some further realignment may occur for certain models, particularly those with increasing volumes and values that have not fallen as much as other models. The data indicates that EV values have started to stabilize, with smaller and medium EVs reaching attractive price points in the retail market. However, some premium EVs have experienced significant reductions in value, possibly due to financial challenges faced by consumers.

FutureCar Staff