Major car firm’s EV plummets in value as demand for electric version of popular model falls
A MAJOR car firm’s EV has plummeted in value amid a fall in demand.
The collapse of the resale market for electric cars has seen early adopters lose out on thousands as prices are slashed.
The Vauxhall Corsa-e was eighth on the list of models that have lost the most value since 2022.
It experienced a 37.7 per cent decline, according to data shared with This Is Money.
And Auto Trader found it had suffered a 21% loss in the year to September, putting it behind only the Porsche Taycan with 23.3%.
Considering that the Taycan was recently subject to a recall over a fire risk, the figures make uncomfortable reading for Vauxhall bosses.
Prices for second-hand EVs have hit a cliff edge, with select models losing thousands in value.
Some even saw as much as half of their initial value wiped off.
The evolution of new tech and the price cuts on newer models have seen resale prices bottom out.
Indeed, just this month Tesla slashed prices on newer models in a bid to drum up new customers.
Elsewhere on Auto Trader’s list, the Hyundai Ioniq joined the Corsa-e and Taycan in the top three.
This wasn’t the Korean brand’s only appearance either, with their Kona model clocking in at number 6.
Derren Martin, director of valuations at Cap HPI, explained the flight from used EVs.
He said: “Range anxiety became an issue once more following a number of unfavourable reports surrounding queues of two to three hours over the Christmas period, particularly at motorway service stations.
“Then there was the cost to charge. With prices of electricity having increased and fossil fuels reducing over recent months, it was no longer clear-cut that it was cheaper to charge your EV than it is to fill up your ICE [internal combustion engine] car.
“This all happened at the same time as vastly increased volumes returned to the used market, from registrations starting three years ago.”
He added that the worst of the downturn is likely over but there will most likely be “further realignment” for some models, especially as supply increases.
It comes after an EV driver slammed electric cars for zapping the fun out of road trips.
Meanwhile, a big-name manufacturer unveiled designs for a car that they say astronauts could use to drive on the Moon.