Electric vehicles lose HALF their value in less than a year… as worst offending models are revealed
ELECTRIC vehicles have lost as much as half their value in under a year as the worst offending models can be revealed.
Drivers of the cars with the worst re-sell value could find themselves seriously out of pocket by thousands of pounds.
The worst offending model was the Seat Mii electric which has lost 50.3 per cent of its value since October 2022.
While falling 44.2 per cent is the Renault Zoe and the Nissan Leaf has dropped by 42.7 per cent, according to figures from the trade price experts Cap HPI.
In overall cash terms, the EVs that have lost the most amount of money are the Audi e-tron GT, which has fallen by an average of £27,629.
The Mercedes-Benz EQC had dropped by £20,275 and the Audi e-tron Sportback which has slumped by £18,929.
In the meantime, over the past 12 months, petrol cars have risen 0.6 per cent and diesels are up 0.5 per cent.
Although hybrids are down 6.5 per cent and plug-in hybrid electric vehicles (PHEVs) have fallen by 7.4 per cent.
Used electric cars started falling in price in October last year during the cost of living crisis.
The situation was also worsened in January when Tesla slashed the price of its new Model 3 and Y, which accelerated falls in the EV market as other electric car prices were adjusted.
Cap HIP director of valuations Derren Martin told Car Dealer the falls were down to a combination of factors including concerns about the range of EVs, reports of drivers facing long waits at charging points and rising energy prices.
He said: “Once the reductions started to happen, dealers, leasing companies and finance companies became risk averse and many even stopped buying completely.
“Since the start of the summer, EV values have started to stabilise and August saw the smallest downward movement so far this year.
“Many models are now seeing adjustments more or less in line with other fuel-types of vehicles that sit in the same sector, rather than the big adjustments we witnessed earlier in the year.”
The research by Cap HPI shows that the Model 3 has lost 33.3 per cent of its value in the last 11 months and the Y is down 30 per cent – both outside the top 10 in terms of percentage and cash loss terms.
The biggest EV price drops, by percentage are:
Seat Mii – down 50.3 per cent
Our review of the vehicle said: “Seat’s city car has a chic styling that goes perfectly with a car from Spain.
“The little Mii is a fun car, a lot like a Spanish holiday that won’t cost a fortune for you to enjoy.”
But it warned: “On the inside, the cabin makes it feel like you are sitting in the motoring version of an iPhone.”
Renault Zoe – down 44.2 per cent
The drop in value comes after the full electric 2020 version was only the third car in the history of health and safety regulator Euro NCAP to be awarded zero stars for crash safety.
The 2021 Euro NCAP report, said that: “Protection of the driver’s chest was rated as weak”, and also noted poor performance in tests that simulated hitting a tree or lamppost side on.
Renault responded by saying the car does comply with all regulatory safety standards.
Nissan Leaf – down 42.7 per cent
What was once one of the longest-running EVs on the market is now one of the hardest cars to sell.
Drivers trying to sell their old Nissan Leaf can expect to be considerably worse off.
According to AA Cars, Leaf offers a range up to 168 miles but drivers said the battery is not powerful enough.
Volkswagen Up electric – down 42.5 per cent
In June this year Volkswagen revealed it would cancel production of EVs for at least six weeks at one of its biggest plants in Germany due to a drop in demand.
Manfred Wulff, the head of the Emden plant, said: “We are experiencing strong customer reluctance in the electric vehicle sector.”
Company executives from the German manufacturer claimed that demand for EVs is 30 per cent lower than expected.
Hyundai Ioniq electric – down 40.8 per cent
When Hyundai launched the all-electric Ioniq family almost two years ago, it promised “no more boring clones”.
The Sun’s review said: “Seriously impressive. Not at the expense of boot space, either, which is 400 litres.
“But it’s the 800v charging tech that puts Hyundai (and Kia and Genesis) way ahead of the rest.
“You can top up to 80 per cent in just 20 minutes.”
BMW i3 – down 39.9 per cent
The BMW i3 was considered one of the best used electric cars in May this year.
The electric motor produces 170 hp (125 kW) with a torque immediately applied at full power.
The experts at Auto Express said: “For starters, it’s good to drive, costs buttons to run and has a beautifully finished interior that’s packed with tech.
“What’s more, i3 owners tend to be enthusiasts who cherish their cars.”
Mazda MX-30 – down 39 per cent
Mazda has pulled the plug on its MX-30 model in the US just two years after its fully electric vehicle went into production.
Critics at Top Gear blasted the SUV as being a “weird little crossover” and an “underperformer”.
The experts at What Car? gave it just two out of five stars.
While it praised its smart interior and good handling, it slammed its “pathetic range,” and “stupid rear doors and poor rear seat space”.
Vauxhall Corsa electric – down 37.7 per cent
The Vauxhall Corsa E was The Sun’s car of the year in 2020.
We said: “It’s guilt-free, cheap to run and has a range of up to 209 miles that comfortably suits most people.
“The driving experience is smooth and refined. The Corsa-E offers a choice of driving modes.
“Select the Sport mode for maximum torque and acceleration (and maximum fun), while the Eco mode will maximise your range, and the Normal mode will give you a balance of performance and efficiency.”
Hyundai Kona electric – down 37.6 per cent
The Hyundai Kona Electric car was the Which? product of the year in 2019.
The Hyundai Kona Electric was named No1 after judges decided it makes one of the strongest cases yet for people to make the switch to emissions free driving.
They were wowed by its driving range, with the car managing to clock 233 miles on a full charge.
That was only 31 miles short of a Tesla Model 3, according to their tests, although that costs about £7,000 more.
Peugeot e-208 – down 37.1 per cent
In a road test by The Sun, we said: “Plush, comfy and slightly better than it was before, the popular e-2008 is not the electric SUV answer for everyone given its limited range and compact interior.
“But as a second car it will surely schlep your kids and an ample bootfull of their belongings to school before the bell rings, with a quiet sense of neo-futuristic charm for you to appreciate on your return journey home.”
Our review added: “It’s super-modern inside, too, with a radical, if ultimately pointless, 3D driver display and a notably futuristic interior design approach which contrasts pleasantly with its down-to-earth pricing.”