7:39 am, March 4, 2023
The falling value of used EVs has been laid bare in new data, which reveals electric models dominated the list of used cars which lost the most money in February.
Data collected as part of Auto Trader’s latest Retail Price Index found that the four biggest depreciators last month were all EVs.
The Jaguar I-Pace (21.8 per cent); Volkswagen ID.3 (17.2 per cent) and Tesla Model 3 (17.1 per cent) all lost huge chunks of their value in February.
Also in the top 10 was another Tesla – the Model S (12.8 per cent) – as well as the Audi e-tron (16 per cent).
The Vauxhall Mokka (9.9 per cent) also featured on the list but this included both petrol and electric powertrains.
The results echo similar findings recently published by valuations experts CAP HPI, which reported a tailspin in EV values of 7.7 per cent at three years old.
Two weeks ago, Auto Trader reported that average used EV prices on its platforms had fallen by 9.1 per cent in February.
It comes as Elon Musk slashed the price of new Tesla Model S and Y vehicles, causing used Tesla prices to tank.
Ongoing concerns about demand and affordability have also been suggested as potential reasons for the EV slump.
Overall, more than half of the top 10 models that lost the most money were EVs.
The cars that were not were the Land Rover Discovery 4 (9.1 per cent); Mini Paceman (9.2 per cent); Audi SQ5 (9.6 per cent) and Hyundai ix35 (13.4 per cent).
The full list can be seen below…
Top 10 depreciating used cars in February
10. Land Rover Discovery 4
Average asking price: £18,408
Price drop: 9.1 per cent
9. Mini Paceman
Average asking price: £9,858
Price drop: 9.2 per cent
8. Audi SQ5
Average asking price: £31,911
Price drop: 9.6 per cent
7. Vauxhall Mokka
Average asking price: £11,717
Price drop: 9.9 per cent
6. Tesla Model S
Average asking price: £40,579
Price drop: 12.8 per cent
5. Hyundai ix35
Average asking price: £7,065
Price drop: 13.4 per cent
4. Audi e-tron
Average asking price: £47,554
Price drop: 16 per cent
3. Tesla Model 3
Average asking price: £35,603
Price drop: 17.1 per cent
2. Volkswagen ID.3
Average asking price: £30,711
Price drop: 17.2 per cent
1. Jaguar I-Pace
Average asking price: £42,989
Price drop: 21.8 per cent
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