EVs Lose Two Thirds Of Value In A Year

By Paul Homewood

h/t Philip Bratby

 When will they get the message? Nobody wants to buy these utterly useless vehicles?

The Mail report:

Some electric cars are worth as little as a third of their initial price – the equivalent of shedding £26,000 – after just 12 months, with This is Money revealing the 20 models with the most appalling residual values.

EVs in general have suffered catastrophic depreciation since the end of 2022 when a cocktail of issues sent used prices into a downward spiral.

This perfect storm hit almost simultaneously, involving a cost-of-living crisis, rocketing energy prices, hard-hitting media coverage of EVs, an oversupply of vehicles entering the second-hand market, and Tesla slashing new model prices.

It quickly brewed into a destructive tornado for used electric car values.

Three years later, this punishing depreciation is still hitting EV values – and to the tune of tens of thousands of pounds for owners who bought them outright and leasing and financing companies burdened with undervalued vehicles, according to data shared with This is Money and MailOnline.

Full story here.

This is a warning for anybody stupid or naive enough to buy an EV.

The problem will only get worse as more EVs appear on the second hand market.

Three years ago 267,000 BEVs were sold in the UK. Last year that had risen to 381,000.

But there is no evidence that demand for second hand EVs has risen in the meantime.

The laws of supply and demand cannot be altered. In a year’s time, you will be lucky to give away an electric car.