Slow chargers pic from CD 185 (Kia)Slow chargers pic from CD 185 (Kia)

News

Electric cars take up entire top 10 of most-depreciating used cars last month

  • Ten biggest price drops in July were all electric models, finds Auto Trader
  • Tesla Model X the biggest faller, losing 29.7 per cent of its value
  • List also includes Audi e-tron, Jaguar I-Pace and BMW i3

Time 8:43 am, August 9, 2023

EVs dominated the list of used cars that lost the most value in July, according to new data from Auto Trader.

Information collected as part of the firm’s latest Retail Price Index showed that the 10 biggest fallers last month all had electric powertrains.

It comes as supply continues to drastically outstrip demand in the used EV market, causing huge drops in value over the past 12 months.


Auto Trader data – taken from analysing 800,000 prices – showed the biggest year-on-year faller was the Tesla Model X, which has lost a whopping 29.7 per cent of its value, leaving its average asking price at £49,589.

The Renault Zoe followed in a close second, losing 29.3 per cent of its average asking price, which now stands at £14,483

Meanwhile the Hyundai Kona was third with a 29.2 per cent dip taking its average price to £23,132.


The top ten also included the likes of the Audi e-tron, Jaguar I-Pace, BMW i3 and Volkswagen ID.4.

The list sums up the current state of the used EV market, which continues to buck wider trends.

Last month saw used retail prices overall rise for the 40th month in a row but second-hand electric cars once again plummeted.

Subscribe to the Car Dealer weekly briefing

Auto Trader’s experts found that supply of used electric vehicles rose by a whopping 173.6 per cent in July with demand unable to keep pace.

That resulted in the average retail value of used EVs falling by 21.3 per cent to £31,568 last month – the a seventh consecutive month of year-on-year decline.

Since their peak in July last year (£40,728) prices have dropped more than £9,000. In contrast, used petrol prices have risen by 4.7 per cent in the same period and used diesel prices by 4.9 per cent.

Which models lost the most value in July?

10. DS3 Crossback E-Tense

Average asking price: £19,622

Price fall: 24.2%

9. Volkswagen ID.4

Volkswagen ID.4 GTX (2021)

Average asking price: £36,748


Price fall: 24.9%

8. BMW i3

Average asking price: £19,220

Price fall: 25.4%

7. Nissan Leaf

Average asking price: £14,992

Price fall: 25.4%

6. Jaguar I-Pace

Jaguar_I-Pace_22MY_Black_Exterior_20.04.21_002

Average asking price: £37,891

Price fall: 25.9%

5. Volvo XC40 Recharge

Volvo XC40 Recharge

Average asking price: £40,104

Price fall: 26.2%

4. Audi e-tron

Average asking price: £40,541

Price fall: 26.8%

3. Hyundai Kona

Hyundai Kona electric

Average asking price: £23,132

Price fall: 29.2%

2. Renault Zoe

Renault Zoe April 2021

Average asking price: £14,483

Price fall: 29.3%

1. Tesla Model X

Average asking price: £49,589

Price fall: 29.7%

Jack Williams's avatar

Jack joined the Car Dealer team in 2021 as a staff writer. He previously worked as a national newspaper journalist for BNPS Press Agency. He has provided news and motoring stories for a number of national publications including The Sun, The Times and The Daily Mirror.



More stories...

Heycar Advert
Server 108