10:30 am, June 27, 2023
EVs dominated the list of used cars that have lost the most value in the last year, according to new data from Auto Trader.
Last week Car Dealer reported that Italian cars are currently leading the way for used car price rises, but at the other end of the scale electric cars are continuing to struggle.
Auto Trader data – taken from analysing 800,000 prices – showed the biggest faller was the Tesla Model S, which has lost a whopping 24.8 per cent of its value, leaving its average asking price at £34,786.
The Audi e-tron followed in a close second, losing 24.2 per cent of its average asking price, which now stands at £43,247.
Meanwhile the Renault Zoe was third with a 23.9 per cent dip taking its average price to £15,003.
Overall, seven of the ten biggest fallers in the last 12 months were electric, as dealers continue to battle plummeting used EV values.
Earlier this year, we reported that supermarket group Car Planet are no longer buying used electric cars due to them being deemed ‘high risk’.
That followed similar sentiments being expressed by a panel of independent dealers at our Car Dealer Live conference in Gaydon in March.
However the likes of Robin Luscombe and EV Experts founder Martin Miller have both encouraged dealers to buy EVs, when speaking to Car Dealer in recent months.
You can read Miller’s guide to selling an EV here.
Biggest annual used car price rises
Source: Auto Trader, comparing June 2023 to June 2022
- Tesla Model S: -24.8%
- Audi e-tron: -24.2%
- Renault Zoe: -23.9%
- Nissan Leaf: -22.4%
- BMW i3: -22.4%
- Jaguar I-Pace: -22.3%
- Porsche Taycan: -17.3%
- BMW 8 Series: -11.4%
- Land Rover Defender 90: -9.5%
- DS3 Crossback: -9.3%
As well as appearing in the top 10 list for the past 12 months, the Model S has also lost considerable value in the past month alone, with the EV dropping 2.4 per cent in June.
Looking at the latest month-on-month used car price falls, there are some hefty declines for a variety of used cars.
Topping the list was the Citroen DS4 (rebranded as just DS4 since 2015) which lost 6.9 per cent of its value in the month to June 21 so that its average asking price now stands at £5,581.
Biggest used car price rises in June
Source: Auto Trader, comparing May 2023 to June 2023
- Citroen DS4: -6.9%
- Renault Grand Scenic: -4.7
- BMW i3: -3.4
- Alfa Romeo MiTo: -3.3%
- Nissan Leaf: -3.2%
- Citroen C3 Picasso: -2.8%
- Volkswagen Scirocco: -2.6%
- Peugeot 508: -2.5%
- Ford B-Max: -2.4%
- Tesla Model S: -2.4%
Richard Walker, data & insights director at Auto Trader, said: ‘With second-hand electric prices down over 18 per cent year-on-year, it will come as little surprise to anyone to find EVs at the bottom of the list.
‘Although it will be a while before we see an EV back at the top, the huge levels of supply that’s been driving prices down are beginning to soften, and combined with growing consumer appetite for cheaper models, we’re seeing early signs of prices stabilising.’
