Friday 5 May 2023

‘EVs depreciating twice as quick as petrol cars’

Electric vehicles (EVs) are losing their value at almost twice the rate of petrol cars.

That’s according to a new study by Choose My Car, revealing that EVs bought in 2020 will have lost more than half their value this year, compared with just 37% for petrol cars.

This leaves drivers of an electric car more than £15,000 out of pocket, compared to £9,900 for petrol car owners.

The study compared data from its site of price listings three years ago to now – with the more expensive cars leading to even more of a loss.

Drivers of a Tesla Model S for example, have lost £25,000 in the last three years, the company claims.

However, the trend is not specific to the more high end vehicles, with the data also stating that the cheaper Nissan Leaf has depreciated by 58% or £13,000 – that’s despite it being one of the most popular EVs in the UK.

Nick Zapolski, Choose My Car Founder, said: “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.

“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.”