The ten most-depreciating used cars in July were all EVs, according to data released last week. This comes as the Society of Motor Manufacturers and Traders (SMMT) report a surge in demand for second-hand electric cars.
According to figures shared with This is Money, the Tesla Model X lost the most value last month, with prices down 29.7 percent to an average £49,589. The Renault Zoe lost a similar percentage (29.3 percent), but the lower price means a smaller drop in price (£14,483).
Chris Knight, UK Automotive Partner for KPMG, told This is Money: ”Electric cars have seen significant price drops in recent months as a result of supply coming back into the market, and price wars on new models pushing second-hand values down further.
“Early EV adopters who bought at the peak of the market will bear the cost of this price normalisation. Greater affordability continues to drive EV uptake, but the ability of households without off street parking to charge near their home remains a major barrier to higher levels of adoption.”
Ten most depreciating used cars in July
- Tesla Model X: 29.7 percent drop; £49,589 average
- Renault Zoe: 29.3 percent drop; £14,483 average
- Hyundai Kona Electric: 29.2 percent drop; £23,132 average
- Audi e-tron: 26.8 percent drop; £40,541 average
- Volvo XC40 Recharge: 26.8 percent drop; £40,104 average
- Jaguar I-Pace: 25.9 percent drop; £37,891 average
- Nissan Leaf: 25.4 percent drop; £14,992 average
- BMW i3: 25.4 percent drop; £19,220 average
- Volkswagen ID.4: 24.9 percent drop; £36,748 average
- DS3 Crossback E-Tense: 24.2 percent drop; £19,622 average
More people ‘switching to electric’
Other figures released last week show a surge in demand for new and used electric cars. The new car market grew 28.3 percent in July, with 143,921 vehicles registered, according to the SMMT.
Electrified vehicles accounted for more than a third of the market (35.4 percent), with full electric cars recording the biggest increase (87.9 percent) to account for 16 percent of the market. A new EV was registered every 60 seconds in the month, and the SMMT expects this to hit every 40 seconds by the end of 2024.
Mike Hawes, SMMT chief executive, said: “The industry remains committed to meeting the UK’s zero emission deadlines and continues to make the investments to get us there. Choice and innovation in the market are growing, so it’s encouraging to see more people switching on to the benefits of driving electric.
”With inflation, rising costs of living and a zero emission vehicle mandate that will dictate the market coming next year, however, consumers must be given every possible incentive to buy.
”Government must pull every lever, therefore, to make buying, running and, especially, charging an EV affordable and practical for every driver in every part of the country.”
graham+cox
when will you understand
electric is not the answer
there are plenty of other options on the table
wake up
Graham
What are these other options? I see hundreds of comments like this but no costings for the alternatives.
Usually the first option is Hydrogen, but how much electric is used to produce hydrogen which is less efficient at the end of the day. May as well have used the electric in the first place. The problem is the electric infrastructure lagging behind the sales of Ev’s.