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HomeElectric VehicleThe Rapid Decline in Resale Values of Used Electric Vehicles

The Rapid Decline in Resale Values of Used Electric Vehicles

Depreciation is a harsh reality that every car owner has to face, but it can be especially brutal for new electric cars. In a recent study conducted by Carware in partnership with Cap HBI by Salera, the data revealed the top 10 electric cars that have suffered the biggest drop in their value over the last year.

At the top of the list is the Citen C4 X, which has seen a staggering 32.6% drop in its used value over the last year. This means that a 1-year-old car with 10,000 miles on the clock is now worth just £1,458, compared to £2,890 a year ago. The Porsche Tian, Audi rron GT, and Mercedes EQC are also among the electric cars that have experienced significant depreciation.

Interestingly, the study also compared the depreciation of electric cars to their petrol and diesel counterparts. In many cases, the electric cars fared much worse in terms of depreciation. For example, the Kia EV6 has seen a 26.7% drop in value, while the petrol and diesel versions of the same car have not depreciated as much.

Overall, the study highlights the importance of considering depreciation when purchasing a new car, especially an electric one. By being aware of how much a car is likely to depreciate over time, buyers can make more informed decisions and potentially save money in the long run.

If you’re looking to sell your car quickly and for a fair price, Carware offers a convenient online auction platform with over 4,000 trusted dealers ready to bid on your car. Simply enter your car’s registration to get an instant valuation and set a reserve price that you’re happy with. Carware takes care of the rest, making the selling process easy and hassle-free.

In conclusion, while depreciation is an inevitable part of car ownership, being aware of how much a car is likely to depreciate can help buyers make smarter choices. By understanding the market trends and values of different car models, buyers can avoid losing out on significant value over time.

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