Major car brand’s discontinued EV plummets in price after a year – drivers put off by range anxiety and charging points
THERE is more misery for electric vehicle owners with some brands losing half their value in just 12 months.
Brand new motors are notorious for depreciating once they leave the forecourt but now electric vehicles (EVs) are experiencing massive price drops.
The Seat Mii Electric has topped a list of 30 EVs that have all tumbled in price over the last 12 months, reports Mail Online.
Last year a buyer could have picked up a one year old Seat Mii with 10,000 miles on the clock for around £19,650.
Today, you can drive away in a 12-month-old Mii with the same mileage of 10,000 miles for only £9,775.
This means the EV has lost 50% of its value in just 12 months, representing a massive loss for the owner.
Derren Martin, head of valuations at cap hpi, described the price drop in EVs as “seismic.”
A number of factors appear to have contributed to the price drop, such as the cost-of-living crisis, the energy crisis, an oversupply of EVs into the Uk market and growing concern around the pricing of
battery powered cars.
Many drivers have put off making the switch to electric vehicles (EVs) due to the rising cost and confusion over where to charge the battery powered cars.
After a surge in drivers buying EVs in the first half of the year, sales fell off in the second half of the year.
Trade body The Society of Motor Manufacturers and Traders has said private buyers stopped buying EVs due to concerns over cost and re-charging.
Earlier this week the Prime Minister pushed back the ban on new petrol and diesel sales to from 2030 to 2035.