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Article in this month's car dealer magazine.
Cap HPI called battery electric vehicles ‘the most challenging area of the used car market’ in December.
December saw EV values drop for the fourth month in succession.
At the three-year point, EVs were down by 5.2 per cent, or c.£1,625 – a new record.
When the past four months are added together, values have fallen by 10.4 per cent or c.£3,500.
Tesla Model 3s saw one of the largest downward movements, dropping by 9.6 per cent or by around £3,000. The Model Y, meanwhile, fell by nearly six per cent.
Other premium EVs have slashed in value too – the Audi Q4 e-Tron fell by 5.9 per cent, Mercedes-Benz EQC by 10.6 per cent and Jaguar I-Pace by 8.7 per cent.
Prices of mainstream EVs also fell – the Renault Zoe dropped by 6.9 per cent, for example, while prices of the Nissan Leaf reduced by nine per cent.
Cap HPI said these values were often due to used examples being sold at higher prices compared to new models, so it was expected, but it was happening ‘quicker than anticipated’.
Cap HPI called battery electric vehicles ‘the most challenging area of the used car market’ in December.
December saw EV values drop for the fourth month in succession.
At the three-year point, EVs were down by 5.2 per cent, or c.£1,625 – a new record.
When the past four months are added together, values have fallen by 10.4 per cent or c.£3,500.
Tesla Model 3s saw one of the largest downward movements, dropping by 9.6 per cent or by around £3,000. The Model Y, meanwhile, fell by nearly six per cent.
Other premium EVs have slashed in value too – the Audi Q4 e-Tron fell by 5.9 per cent, Mercedes-Benz EQC by 10.6 per cent and Jaguar I-Pace by 8.7 per cent.
Prices of mainstream EVs also fell – the Renault Zoe dropped by 6.9 per cent, for example, while prices of the Nissan Leaf reduced by nine per cent.
Cap HPI said these values were often due to used examples being sold at higher prices compared to new models, so it was expected, but it was happening ‘quicker than anticipated’.