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.
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
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
Average asking price: £37,891
Price fall: 25.9%
5. 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
Average asking price: £23,132
Price fall: 29.2%
2. Renault Zoe
Average asking price: £14,483
Price fall: 29.3%
1. Tesla Model X
Average asking price: £49,589
Price fall: 29.7%
