Electric car prices plummet by £15k in startling value depreciation TWICE as fast as petrol alternatives
Electric car prices depreciate much faster than petrol alternatives, a recent study has found
PA
Electric cars lose their value twice as quickly as petrol vehicles, a car comparison website has revealed.
Owners of electric vehicles (EVs) are estimated to be losing thousands of pounds every year.
Early switchers to EVs have seen prices plummet by around 39 per cent between 2020 and 2023.
In comparison, research by Choose My Car has shown that petrol car prices fell by just 30 per cent over the same period.
Petrol vehicles had lost £9,900 from an initial purchase price of £32,700
PA
Successive Governments have pushed Britons towards adopting electric motors.
Whitehall even announced the sale of new petrol and diesel vehicles will be banned after 2030.
The policy has been adopted as part of the nation’s net zero strategy.
However, critics warn going green could see motorists lose thousands of pounds.
Specific car models have fallen in price at twice the rate of their petrol counterparts.
An electric BMW i3 bought in 2020 would have paid £39,000 and could sell the car for £13,900 today.
The German car’s petrol equivalent has seen a much less profound drop from around £32,000 to £22,360.
Choose My Car’s research revealed EVs had lost £15,000 of their value on average over a three-year period.
The average electric car included in the study was initially purchased for £38,600.
The drop in EV prices means owners had effectively seen their savings accrued from up-front Government grants had been wiped out
PA
Petrol vehicles had lost £9,900 from an initial purchase price of £32,700.
The drop in EV prices means owners had effectively seen their savings accrued from up-front Government grants had been wiped out.
Other incentives to switch to electric cars such as lower tax and free entry into ultra-low emissions zones have also been discontinued.
The Car Expert’s Stuart Masson said: “Every month electric car prices fall it is good news for everyone who wants to switch, but early adopters are subsidising that by essentially funding manufacturers’ research and development costs.”
Choose My Car’s Nick Zapolski added: “Not only are the EVs themselves not holding value, but the price of electricity itself has also zoomed up, meaning running the cars is not as economical as it once was.”