7:25 am, April 26, 2023

EVs dominated a list of used cars that dropped the most in value in April.

Latest data from valuations experts Cap HPI showed the top 10 biggest depreciating used cars in April were all pure-electric models.

The list, revealed in full at the bottom of this story, includes some of the most popular EVs on the market and is headed by the Vauxhall Vivaro Life Electric.

The pure-electric van-based people carrier saw 11.5 per cent slashed off its prices in April, which equates to just over a £2,200 fall.

Pressure has been applied to value-orientated family electrics in the under-£20,000 bracket, with these models being the worst affected in April.

Models such as the Nissan Leaf, Hyundai Kona Electric, Vauxhall Corsa Electric and Volkswagen ID.3 are looking ‘expensive’ compared with the Tesla Model 3, said Cap HPI.

Crashing prices of the American electric saloon mean some are being advertised in the low-£20,000s, consequently applying pressure to the values of Corsas, Kia e-Niros and Kona Electrics.

April ‘is the eighth month of drops now for EVs, which adds up to about 34-35 per cent over that period of time – I can’t say that flippantly really, as that is a hell of a drop over that period of time,’ the firm’s director of valuations, Derren Martin, told Car Dealer.

Overall, prices of used cars dropped by one per cent in April, mostly due to the increased supply of second-hand cars thanks to March being a plate-change month.

In the video posted at the top of this story, Martin added that he believes there are still more drops to come in the coming months.

The price falls come as demand for used electric cars is on the rise.

Auto Trader told Car Dealer this week that demand for used EVs increased by 23 per cent year on year in March.

It added that price cuts made by dealers on used EVs had been exacerbated by Tesla reducing new car prices, but it wasn’t ‘the driving factor’.

Falling used EV prices has created a ‘buyer’s market’ in the under-£20,000 market, the firm said, with nearly one in four used EVs now being priced under £20,000 – up from seven per cent in August.