Concerning for some
Those who drive electric vehicles are being warned that their value is decreasing at a quicker rate than normal.This is compared to a £9,901 loss for petrol vehicles. The research used a comparison of new car prices in 2020 against their value now.According to WalesOnline, the 2023 value is based on the average price of cars listed by private sellers or car dealers. ChooseMyCar.com also compared popular car buying websites to look at a 'buy now' price.
Anyone who bought a Tesla S model is suffering the biggest loss with £25,000 in value within three years. Even entry-level vehicles like a Nissan Leaf is losing value at £13,000. In fact, it added, entry-level cars were often seeing larger percentage decreases in their value, with the Hyundai Ionic losing 67% of its worth. The researchers said that, partly, this was due to a market correction that has seen new EVs lower their initial purchase price, but the trend of higher rates of depreciation is expected to continue, according to market experts.
Founder of ChooseMyCar.com, Nick Zapolski, said: “Our research shows yet another blow for EV owners, on top of many other issues that have come to light recently. Not only are the EVs themselves not holding value, the price of electricity itself has zoomed up, meaning running the cars is not as economical as it once was.
"Home charge points are expensive to install - if you even had the necessary driveway to allow that - and there has been uproar about the availability and reliability of public charge points. On top of that, recent decisions made by the Government mean that some of the initial incentives to encourage EV ownership are being discontinued, such as lower tax and free entry into ULEZ zones.
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