Electric cars suffer ‘unsustainable’ depreciation in secondhand market

Posted on by | 664 Comments
Electric cars suffer ‘unsustainable’ depreciation in secondhand market
Spread the love

Used EV prices drop 23pc in one year, according to Auto Trader.

Electric cars lose as much as half of their value after just three years on the road, new figures show, as the rate of depreciation far outstrips petrol equivalents.

Research from Auto Trader said there were “unsustainable levels of depreciation” in the electric car market, with used prices of battery-powered vehicles dropping by 23pc in the last year alone.

The online vehicle marketplace said a motorist buying a £50,000 electric car could expect to lose £24,000 in value over three years, while a similarly priced petrol car could lose £17,000.

The value of used electric cars has dropped dramatically in the last 12 months after Covid-related supply shortages eased and as rising electricity prices hit demand. 

This coincided with petrol prices falling to a two-year low.

Auto Trader’s latest report warned that “residual values of electric cars remain unsustainably low”.

It said that the price of used electric cars could come under further pressure this year as thousands of motorists return vehicles acquired on three-year leases and as manufacturers cut the price of new vehicles.

“With over 800,000 new electric cars registered between 2020 and 2023, supply returning to the used car market will only increase in 2024, and if demand does not keep up, electric cars could depreciate even further, undermining both consumer and retailer confidence,” it said.

Manufacturers are now applying record discounts to new electric vehicles in a bid to boost stuttering demand.

Auto Trader said car makers were slashing thousands of pounds off prices, with average discounts of 10.6pc offered in December. This compares to discounts of 4.8pc a year earlier.

It predicted that a wave of Chinese entrants would further push down the cost of electric cars.

Sales of new battery-powered vehicles in Britain rose by 18pc last year but accounted for just 16.5pc of all new cars sold – a slight decline from 2022. 

New electric cars are still more than a third more expensive than their petrol or diesel equivalents. 

However, from this month, electric cars will need to account for 22pc of every manufacturer’s sales, which analysts expect to lead to heavy price cuts to encourage consumers.

Campaigners have said motorists will continue to find electric cars too expensive without government subsidies, which ended in 2022, or other incentives such as cuts to VAT.

Auto Trader said demand for used electric cars had picked up as prices fell, suggesting that the vehicles will prove popular once they are no longer more expensive than petrol rivals. 

It said that used electric cars on its site tended to sell up to five days faster than petrol ones.

This month, the Chinese manufacturer BYD surpassed Tesla as the world’s best-selling electric car maker. The company’s cheapest electric vehicle retails for £25,000 in the UK, roughly double what it costs in China, which Auto Trader said gave it room to further cut prices in Britain.

It predicted that one in six electric cars sold in Britain will be made by Chinese companies by 2030.

Ian Plummer, Auto Trader’s commercial director, said motorists had been “confused” by Rishi Sunak’s decision to push back a ban on petrol and diesel car sales from 2030 to 2035. 

He said that discounts applied to new electric cars meant most motorists would not bear the full cost of the depreciation in their value.

Share This Post

Related Posts

664 Responses to "Electric cars suffer ‘unsustainable’ depreciation in secondhand market"

  33. MichaelSmeno · Edit

    comprar productos farmacia veterinarios elvira or farmacia 23
    https://www.google.co.za/url?q=https://farmaciaasequible.com farmacia online envГ­o gratis sin pedido mГ­nimo
    [url=http://saigontoday.info/store/tabid/182/ctl/compareitems/mid/725/default.aspx?returnurl=http://farmaciaasequible.com]comprar viagra online[/url] diprogenta precio espaГ±a and [url=http://mbuild.store/user/mhdfvzjted/?um_action=edit]farmacia 24h murcia[/url] cialis 20 mg precio farmacia

    Reply
  100. MichaelSmeno · Edit

    directo espaГ±a envios mejores cremas antimanchas ocu or comprar tobrex online
    http://www1.h3c.com/cn/Aspx/ContractMe/Default.aspx?subject=H3C%u4EA7%u54C1%u6253%u9020HP%u516D%u5927%u6570%u636E%u4E2D%u5FC3%uFF0CDC%u6838%u5FC3%u7F51%u518D%u65E0%u601D%u79D1%u8BBE%u5907&url=http://farmaciaasequible.com droguerГ­a cerca de mi
    [url=https://www.google.ws/url?q=https://farmaciaasequible.com:::]farmacion[/url] licoforte 40 mg gel farmacia and [url=http://www.9kuan9.com/home.php?mod=space&uid=3592051]nutriben bebe[/url] parafarmacia online.com

    Reply
  122. vpn · Edit

    Asking questions are genuinely nice thing if you are not understanding anything
    completely, however this paragraph gives good understanding even.

    my web site … vpn

    Reply
  131. Kennethignom · Edit

    mexican pharmaceuticals online mexico drug stores pharmacies or mexican online pharmacies prescription drugs
    https://images.google.mn/url?q=https://tijuanameds.shop buying prescription drugs in mexico online
    [url=https://www.google.com.uy/url?q=https://tijuanameds.shop]best online pharmacies in mexico[/url] mexican rx online and [url=https://forum.expert-watch.com/index.php?action=profile;u=419685]purple pharmacy mexico price list[/url] best online pharmacies in mexico

    Reply
  139. JamesPsync · Edit

    safe reliable canadian pharmacy [url=https://canrxdirect.com/#]pet meds without vet prescription canada[/url] reliable canadian pharmacy

    Reply
  140. Kennethignom · Edit

    mexican rx online purple pharmacy mexico price list or best online pharmacies in mexico
    http://finalls.ru/forum/away.php?s=https://tijuanameds.shop mexico pharmacies prescription drugs
    [url=https://images.google.com.mm/url?sa=t&url=https://tijuanameds.shop]mexico drug stores pharmacies[/url] mexican mail order pharmacies and [url=https://hiresine.com/user/uzhwptsgmu/?um_action=edit]buying prescription drugs in mexico online[/url] medicine in mexico pharmacies

    Reply
  145. ManuelWrord · Edit

    mexican mail order pharmacies buying prescription drugs in mexico online or mexican mail order pharmacies
    https://asia.google.com/url?sa=t&url=https://tijuanameds.com mexican pharmaceuticals online
    [url=https://maps.google.kz/url?q=https://tijuanameds.com]mexican mail order pharmacies[/url] mexican border pharmacies shipping to usa and [url=http://www.randy-harrison.it/gallery/profile.php?uid=163146]mexico drug stores pharmacies[/url] purple pharmacy mexico price list

    Reply
  175. LutherSmodo · Edit

    metronidazole pommade allergie gel douche symptГґmes or parapharmacie goussainville
    http://www.gorch-brothers.jp/modules/wordpress0/wp-ktai.php?view=redir&url=https://pharmaconfiance.com coloration so good avis
    [url=https://clients1.google.at/url?q=https://pharmaconfiance.com]sildenafil 50 mg durГ©e de l’effet prix[/url] santГ© pharmacie en ligne and [url=https://www.yourporntube.com/user/vpjmeftbzl/videos]pharmacie para[/url] changement de pansement Г  domicile prix

    Reply
  193. Matthewbolve · Edit

    clarithromycin online pharmacy pharmacy price of percocet or rx relief pharmacy
    http://janeyleegrace.worldsecuresystems.com/redirect.aspx?destination=https://pharmaconnectusa.shop buspirone pharmacy
    [url=https://cse.google.com.ng/url?sa=i&url=https://pharmaconnectusa.shop]pharmacy dispensing clozaril[/url] target pharmacy lovastatin and [url=http://forum.notionmusic.com/memberlist.php?mode=viewprofile&u=122030]online pharmacy no prescription prozac[/url] valacyclovir indian pharmacy

    Reply
  263. Matthewbolve · Edit

    generic viagra online pharmacy no prescription cialis pharmacy2u or misoprostol available in pharmacy
    http://www.dubaicityguide.com/site/main/advertise.asp?Oldurl=http://pharmaconnectusa.shop/ pharmacy without prescription
    [url=http://yujaron-jp.jp/index.php?a=free_page/goto_mobile&referer=https://pharmaconnectusa.shop]quetiapine online pharmacy[/url] viagra online pharmacy review and [url=http://lenhong.fr/user/unrehpxgqc/]online pharmacy reviews percocet[/url] online pharmacy reviews klonopin

    Reply
  268. WilliamTut · Edit

    PharmaConnectUSA [url=http://pharmaconnectusa.com/#]uk online viagra pharmacy[/url] no prescription online pharmacy ua products percocet

    Reply
  270. LutherSmodo · Edit

    sildenafil pharmacie prix pharmacie de garde aujourd’hui bordeaux or peut on prendre 2 tadalafil 10 mg
    https://www.google.com.tn/url?q=https://pharmaconfiance.com::: pharmacie commerce
    [url=https://clients1.google.gl/url?q=http://pharmaconfiance.com]amoxicilline avant ou aprГЁs repas[/url] amoxicilline et doliprane ensemble and [url=https://exhibitioncourthotel4.co.uk/user-2/hukqvecsry/?um_action=edit]fauteuil roulant pour chat[/url] pharmacie duteil

    Reply
  278. Matthewbolve · Edit

    meijer pharmacy viagra cialis from india online pharmacy or itraconazole online pharmacy
    http://home4dsi.com/chat/redirect.php?url=http://pharmaconnectusa.shop/ jcm pharmacy tadacip
    [url=http://navstreche.ru/bitrix/redirect.php?event1=&event2=&event3=&goto=http://pharmaconnectusa.shop/]Female Cialis Soft[/url] bachelor of pharmacy online and [url=https://www.18flirt.net/user/odejzzfaff/videos]viagra in chennai pharmacy[/url] online pharmacy exelon patch

    Reply
  314. Matthewbolve · Edit

    propecia proscar men’s pharmacy kroger online pharmacy or sainsburys pharmacy doxycycline
    http://www.explainjs.com/explain?src=https://pharmaconnectusa.shop rx discount pharmacy middlesboro ky
    [url=https://images.google.dz/url?q=https://pharmaconnectusa.shop]safeway pharmacy methotrexate[/url] prescription drug assistance and [url=https://www.wearebusiness.org/user/cbobcgarzs/?um_action=edit]best online ambien pharmacy[/url] inhouse pharmacy baclofen

    Reply
  427. JerryKew · Edit

    reputable mexican pharmacies online best online pharmacies in mexico or best online pharmacies in mexico
    http://dkt.co.at/?URL=https://medsfrommexico.com п»їbest mexican online pharmacies
    [url=https://www.reed.co.uk/courses/awarding-bodies/ncfe?backUrl=https://medsfrommexico.com]buying prescription drugs in mexico[/url] mexican pharmaceuticals online and [url=https://www.gambarare.it/user/evjefcqvta/?um_action=edit]mexico pharmacies prescription drugs[/url] mexico drug stores pharmacies

    Reply
  434. Rodneynar · Edit

    best online canadian pharmacy best canadian online pharmacy or canadian pharmacy ratings
    http://stopundshop.eu/url?q=https://canadapharmglobal.com cheap canadian pharmacy online
    [url=http://admin.kpsearch.com/active/admin/customer/customer_email1_birthday.asp?item=&chname=gnc&strhomeurl=canadapharmglobal.com]canadian discount pharmacy[/url] canadian pharmacy online store and [url=https://ashtangacba.com/user/wzxysetbda/?um_action=edit]canada drugs online reviews[/url] canadian drug prices

    Reply
  464. HermanTex · Edit

    what happens if semaglutide is not refrigerated where to give semaglutide shot or can i cut rybelsus in half
    https://www.myconnectedaccount.com/help/faqcw2/index.php?domain=semaglupharm.com long term side effects of rybelsus
    [url=https://www.kultur-bad-vilbel.de/goto/?u=http://semaglupharm.com]rybelsus副作用[/url] semaglutide with b12 for weight loss reviews and [url=https://www.liveviolet.net/user/znoycqcvtg/videos]berberine vs semaglutide[/url] rybelsus for obesity

    Reply
  477. HermanTex · Edit

    where to inject semaglutide in leg who makes rybelsus tablets or when to stop semaglutide before surgery
    https://www.google.com.sb/url?q=https://semaglupharm.com places to inject semaglutide
    [url=https://www.google.to/url?sa=t&url=https://semaglupharm.com]rybelsus prior authorization[/url] what is the most common side effect of rybelsus? and [url=https://www.hapkido.com.au/user/leoiki73mailrxcorp-com/]semaglutide dosage for weight loss[/url] semaglutide before and after pictures

    Reply
  478. ArthurReefs · Edit

    atorvastatin 40 mg picture what time of day should i take lipitor or can atorvastatin cause hair loss
    https://www.google.com.sg/url?q=https://lipipharm.com atorvastatin drugs.com
    [url=https://images.google.com.vn/url?sa=t&rct=j&url=https://lipipharm.com]vicodin lipitor two percocet[/url] does lipitor lower blood pressure and [url=http://mail.empyrethegame.com/forum/memberlist.php?mode=viewprofile&u=407393]when to take lipitor morning or night[/url] para que sirve lipitor

    Reply
  516. ArthurReefs · Edit

    do you lose weight with atorvastatin why take atorvastatin at night or rosuvastatin versus atorvastatin
    https://images.google.nr/url?q=http://lipipharm.com does lipitor lower triglycerides
    [url=https://www.google.vg/url?q=https://lipipharm.com]atorvastatin 80 mg uses[/url] atorvastatin 20mg and [url=https://forum.expert-watch.com/index.php?action=profile;u=408361]what is the brand name for atorvastatin[/url] what is the difference between atorvastatin and simvastatin

    Reply
  528. ArthurReefs · Edit

    lipitor discount card what does atorvastatin 10 mg look like or lipitor and crestor
    https://images.google.ps/url?sa=t&url=https://lipipharm.com does atorvastatin cause dizziness
    [url=https://www.atv-de-vanzare.ro/?view=mailad&cityid=-1&adid=109359&adtype=A&urlgood=http://lipipharm.com]atorvastatin indications[/url] generic for lipitor 10 mg and [url=https://027yule.com/home.php?mod=space&uid=175727]can atorvastatin cause liver damage[/url] lipitor for high blood pressure

    Reply
  538. ArthurReefs · Edit

    why do you take atorvastatin at night side effects of atorvastatin 10 mg or how long does it take to get lipitor out of your system
    http://www.rpklublin.pl/skins/rpk/redirect.php?url=http://lipipharm.com lipitor after stroke
    [url=https://images.google.com.tn/url?q=https://lipipharm.com]is it dangerous to take a double dose of atorvastatin[/url] what are the side effects of atorvastatin 40 mg and [url=https://chinaexchangeonline.com/user/ldzokncpfg/?um_action=edit]atorvastatin calcium tablet uses[/url] atorvastatin and memory loss

    Reply
  545. Edwardmit · Edit

    buy prednisone online without a script cost of prednisone tablets or prednisone 10mg tablet price
    http://www.google.fm/url?q=https://prednipharm.com prednisone 20 mg generic
    [url=https://toolbarqueries.google.ps/url?sa=i&url=https://prednipharm.com]buy prednisone online without a prescription[/url] where can i get prednisone over the counter and [url=http://garmoniya.uglich.ru/user/xtgqyqoqie/]cost of prednisone in canada[/url] order prednisone 10mg

    Reply
  548. vmlvxwjtxm · Edit

    rybelsus coupon no insurance how much is hers semaglutide or does semaglutide cause insomnia
    https://www.google.cd/url?sa=t&url=https://semaglupharm.com can i take rybelsus at night
    [url=https://maps.google.je/url?q=https://semaglupharm.com]how long does it take to lose weight on semaglutide[/url] how to reconstitute semaglutide and [url=https://www.hapkido.com.au/user/lokiijiikd37mailrxcorp-com/]order semaglutide online[/url] semaglutide 14 mg tablet cost

    Reply
  578. AlbertoMuh · Edit

    Affordable cholesterol-lowering pills [url=https://crestorpharm.com/#]Rosuvastatin tablets without doctor approval[/url] Best price for Crestor online USA

    Reply
  588. Brandontus · Edit

    how to get viagra pills [url=https://vgrsources.com/#]where can i get viagra in south africa[/url] best price for genuine viagra

    Reply
  591. JamesNow · Edit

    buy viagra without a prescription viagra cost australia or sildenafil 100mg tablets uk
    http://webservices.icodes-us.com/transfer2.php?location=http://vgrsources.com viagra online from utah
    [url=http://ville.montreal.qc.ca/portal/page?_pageid=5798,42657625&_dad=portal&_schema=PORTAL&id=12879&ret=http://vgrsources.com/]viagra 100mg cost canada[/url] prescription viagra online usa and [url=https://ashtangacba.com/user/dnqdnubewe/?um_action=edit]sildenafil tablet usa[/url] how to buy viagra tablets in india

    Reply
  613. JamesNow · Edit

    purchase viagra in usa order viagra united states or buy cheap viagra online without prescription
    http://www.yoosure.com/go8/index.php?goto=https://vgrsources.com best sildenafil coupon
    [url=http://tworzenie-gier.pl/wp-content/plugins/wp-js-external-link-info/redirect.php?blog=tworzenie+gier&url=https://vgrsources.com/]viagra pills for sale canada[/url] viagra 500mg tablet and [url=http://www.deolmaraiz.ca/user/btysypcjub/?um_action=edit]places to buy viagra[/url] female viagra pill online

    Reply
  659. nordvpn coupon code · Edit

    nordvpn coupon code 350fairfax
    Have you ever thought about adding a little bit more than just your articles?
    I mean, what you say is fundamental and everything.
    But just imagine if you added some great images or video clips
    to give your posts more, “pop”! Your content
    is excellent but with images and video clips, this blog could definitely be one
    of the most beneficial in its field. Terrific blog!

    Reply
  661. https://tinyurl.com · Edit

    When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment
    is added I get several e-mails with the same comment.
    Is there any way you can remove people from that service?
    Appreciate it!

    My web site … nordvpn coupons inspiresensation (https://tinyurl.com)

    Reply

Post Comment