EVs in general have suffered catastrophic depreciation since the end of 2022 when a cocktail of issues sent used prices into a downward spiral.
This perfect storm hit almost simultaneously, involving a cost-of-living crisis, rocketing energy prices, hard-hitting media coverage of EVs, an oversupply of vehicles entering the second-hand market, and Tesla slashing new model prices.
It quickly brewed into a destructive tornado for used electric car values.
Three years later, this punishing depreciation is still hitting EV values – and to the tune of tens of thousands of pounds for owners who bought them outright and leasing and financing companies burdened with undervalued vehicles, according to data shared with This is Money and MailOnline.
Cap hpi – experts in the field of vehicle pricing – provided us with market information showing troubling EV residual values compared to cars of other fuel types, while also revealing the models that haemorrhage the most money after only 12 months.
To understand what’s stalling a recovery for second-hand EV prices, we also spoke to industry insiders to get their perspective on the crippling impact for the motor sector....<<<Read More>>>...
