EVs dominate the list of used models that have fallen in value most in the last 12 months

Some second-hand vehicles are immediately value considerably lower than they’d have been a 12 months in the past.

And after 2023 proved an extremely turbulent 12 months for used electrical automobile costs, contemporary market knowledge completely shared with That is Cash reveals that electrical autos (EVs) proceed to dominate the record of the most important automobile value fallers in the mean time on account of shrinking demand.

Of the 30 second-hand fashions which have plunged in worth within the final 12 months, 24 are EVs. The toughest-hit year-old instance is immediately value 36 per cent lower than it could have been 12 months in the past – which interprets to a monetary lack of £12,000.

This is what the information tells us in regards to the greatest used value fallers…

Derren Martin, head of valuations at Cap Hpi, informed us: ‘Values for used battery electrical autos stay below stress within the used wholesale market as provide continues to outweigh used shopper demand. 

‘This has been evident up to now this 12 months, as for the primary quarter of 2024 values for EV’s on the benchmark profile of three years and 60,000 miles have lowered on common by 3.8 per cent, in comparison with petrol values which have elevated by 3.6 per cent and diesel 2.6 per cent.’

Regardless of the decline, Derren is assured that EV demand ‘will rise’ sooner or later.

‘You will need to word that offer ranges will proceed to extend. Consequently, the market could turn into extra various, requiring a better examination of how sure fashions carry out as a result of provide and demand dynamic,’ he defined.

‘Nonetheless, it may very well be argued that there has by no means been a greater time for shoppers to think about buying a used electrical automobile, as they at the moment provide distinctive worth. 

‘Whether or not that’s when it comes to comparability towards an ICE [internal combustion engine] equal, the potential price of possession financial savings or simply contemplating how a lot automobile you’re getting for the cash.’

Beneath, we’ve listed the ten greatest value fallers intimately primarily based on ‘nearly-new’ vehicles which were out of showrooms for a 12 months.

The figures are ranked by greatest decline in worth when evaluating the sale value of a one-year-old instance with 10,000 miles on the clock in February 2023 and the sale value of a year-old instance of that very same mannequin with the identical mileage final month (February 2024).

That is subsequently a measure of deflation and never depreciation (which is when a automobile turns into much less priceless when it will get older), which is a greater measure of costs falling – and showcases simply how a lot EV values have nosedived within the final 12 months.

All the information provided by market-leading valuations firm Cap Hpi relies on vendor and public sale sale costs achieved within the months in questions.

We have additionally listed the vehicles from 11 to 30 which have dropped in worth essentially the most in comparison with a 12 months in the past.

*Personal a barely older automobile? Scroll to the underside of this web page to see the most important value fallers aged three years with 30k on the clock

=9. Vary Rover Evoque HYBRID (2020-present) – DOWN 30.5%

Of the highest 10 one-year-old vehicles value considerably much less immediately than a 12 months in the past, quantity 10 is certainly one of simply two non-EV fashions within the rankings. It’s the Vary Rover Evoque – particularly the P300e plug-in hybrid variant.

Whereas this premium SUV can cowl as much as 34 miles utilizing electrical energy solely – granted the battery is totally charged – it additionally has a supplementary petrol engine.

Its fall in worth comes at a time when house owners are going through sky-high insurance coverage to cowl these vehicles. Underwriters are at the moment quoting extortionate premiums in response to the continuing issues about organised gangs focusing on Vary Rovers to steal. We ran a quote on the Evoque PHEV for a 40-year-old with no convictions and over 20 years of no claims bonus and located the most cost effective – and solely quote below £1,000 – was £992 each year. 

This may very well be a contributing issue for why used costs are on the slide.

A one-year-old Evoque P300e with 10,000 miles on the clock immediately is being offered by sellers throughout the UK for a median of £32,970. For a similar mannequin final 12 months, costs have been virtually £14,400 greater at £47,180.

=9. Kia EV6 ELECTRIC (2021-present) – DOWN 30.5% 

The primary of the massive price-falling EVs in our record is the Kia EV6. Whereas extensively rated as probably the greatest electrical fashions available in the market, the worth of a year-old instance is 30.5% decrease than it could have been 12 months in the past

Kia’s svelte electrical household hatchback has received loads of plaudits because it emerged on the UK market in 2021. A mix of good-looking seems, a suave inside and claimed vary of as much as 328 miles has made it standout towards a few of its mundane rivals.

However this hasn’t shielded the EV6 from fairly dramatic ranges of worth deflation.

In the event you needed a year-old instance with 10,000 miles on the clock in February 2023, you’ll have wanted to pay £46,850 for one. However for a 12-month-old EV6 now, you will get your arms on one for £32,550.

For house owners with examples assembly the identical age and mileage standards, this implies their automobile is value £14,300 much less now than it could have been a 12 months in the past.

8. Mercedes-Benz EQA ELECTRIC (2021-present) – DOWN 31.4% 

Mercedes’ smallest electrical SUV – the EQA – is one other sufferer of falling demand for EVs. a year-old mannequin immediately is value 31.4% lower than a automobile of the identical age with matching 10,000 miles would have offered for 12 months earlier

The EQA is at the moment Mercedes’ smallest electrical SUV and the least costly EV mannequin within the German model’s line-up. Nonetheless, ringing in at a shade below £50,000 new, it is from what you’d name low cost. 

It does provide as much as 311 miles of vary on a full cost, making it fairly sensible, if not a tad dear.

If you’re on the hunt for a value-busting EV, shopping for a ‘nearly-new’ year-old EQA makes quite a lot of sense proper now, given the deflation in value seen during the last 12 months.

In the event you needed a year-old EQA in February 2023, you’d have wanted to pay £40,246 for the pleasure. Quick-forward to final month and the typical value has slipped by £12,600 to simply £27,615. That is a 31.4 per cent drop in like-for-like worth.

7. Mercedes-Benz EQB ELECTRIC (2021-present) – DOWN 31.7%

One other Mercedes electrical SUV hammered by deflation in worth is the EQB, which is down 31.7% on common values for one-year-old examples 12 months earlier

The Mercedes EQB is a barely greater – and costlier – electrical SUV than the EQA above. 

And like its smaller sibling, a giant deflation in worth within the final 12 months means house owners of this automobile are round £15,000 worse off immediately than they’d have been attempting to promote one 12 months in the past.

For a year-old instance of the boxy household EV – which has a variety of as much as 321 miles – in February 2023, EQBs have been altering arms for a median of £47,250.

However a 12-month-old mannequin immediately is value simply £32,275 as costs dropped dramatically final 12 months and have not bounced again but.

6. Land Rover Discovery Sport HYBRID (2020-present) – DOWN 32.9%

The largest non-EV value faller is the Land Rover Discovery Sport P300e plug-in hybrid, with year0old used values dropping by £16,000 in comparison with a 12 months in the past

In the event you thought the deflation in value of the Vary Rover Evoque plug-in hybrid in joint ninth spot was dangerous, the Land Rover Discovery Sport with the identical P300e drivetrain has been hit more durable by falling values within the final 12 months.

House owners may have anticipated to make £48,867 when promoting a year-old instance 12 months in the past. However for those who needed to maneuver on a 12-month instance of the identical automobile immediately, the market says you’ll solely get £32,800.

This can be a dramatic £16,000 fall in values in a interval of only one 12 months.

5. Honda e ELECTRIC (2020-2023) – DOWN 33.1%

The Honda e was launched as a small electrical automobile – however not an affordable one. When new, it was priced at simply over £37,000. A year-old instance final 12 months was valued at simply over £24,500, whereas immediately a 12-month-old model of the identical automobile with 10,000 miles final 12 months was priced at a fraction over £17,000

The Honda e needs to be one of many coolest wanting EVs on the street. Its eighties hot-hatch boxy dimensions and a up to date cabin make it an interesting small battery automobile – but it surely does additionally include its limitations.

The largest of all is its restricted vary. At simply 137 miles, it was costly new for such a small automobile (priced simply over £37,000) earlier than it was discontinued in British showrooms on the finish of final 12 months.

House owners who did fork out a giant value on one is likely to be regretting it now; the typical sale value of a one-year-old instance with 10,000 miles on the clock is down from £25,400 in February 2023 to simply £17,000 final month.

An £8,400 hit interprets to costs deflating by a whopping 33.1 per cent.

4. Volkswagen e-Up ELECTRIC (2013-2023) – DOWN 33.6%

A fall in common value for a year-old VW e-Up is £6,100 within the final 12 months. Whereas this may not sound a lot towards different vehicles on this record, it represents a fall in worth of greater than a 3rd 

Whereas the Honda e above is a small EV that was offered new with a giant price ticket, the e-Up was extra inexpensive as a part of Volkswagen’s try draw in additional prospects.

The e-Up was discontinued final 12 months, however cap hpi retains knowledge on what the change in second-hand values has seemed like within the final 12 months.

A one-year-old e-Up in February 2023 would have commanded a value of £18,150. However final month a year-old instance with 10,000 miles on the clock was value solely £12,050.

This £6,100 deflation is the equal of a lack of 33.6 per cent in worth over the course of a single 12 months.

3. DS3 E-Tense ELECTRIC (2019-present) – DOWN 34.1%

Given the DS3 E-Tense is not a quantity vendor within the UK, its latest decline in worth will not have an effect on as many house owners as a number of the different vehicles on this record

The DS3 E-Tense is the electrical model of the French maker’s DS3 compact crossover – although it is not what you’d name a quantity vendor within the UK.

As such, a deflation in worth of those vehicles ought to, in idea, not impression too many drivers – although you’d understandably be mad in case you are certainly one of them. 

For a year-old instance of this EV in 2023, house owners may anticipate to promote their DS3 E-Tense for simply over £22,000. 

However immediately, a 12-month-old model of this automobile is valued at solely £14,500, which is an enormous 34.1 per cent decline in value. 

2. Vauxhall Mokka ELECTRIC (2019-present) – DOWN 34.3%

The Vauxhall Mokka Electrical’s seems may standout towards different EV rivals, however its fall in used worth may be very a lot on development with the gasoline sort

Vauxhall’s Mokka Electrical is with out query one of the vital unique-looking electrical SUVs in the marketplace, with boxy proportions and brief overhangs that is in contrast to the rest in the marketplace.

With an official vary of as much as 252 miles, it is not the furthest-travelling mannequin on a single cost, however adequate for individuals who aren’t often enduring lengthy journeys on Britain’s motorway community.

Cap hpi’s knowledge reveals {that a} year-old Mokka Electrical’s worth is down 34.3 per cent within the final 12 months alone, falling from £22,800 in February 2023 to simply £14,967 final month – that is a lack of simply over £7,800.

However that is nonetheless not sufficient to take primary spot on this record… 

1. Lexus UX ELECTRIC (2020-present) – DOWN 36.1%

The Lexus UX 300e is the year-old used automobile that has suffered essentially the most vital deflation in worth during the last 12 months, cap hpi informed us

The Lexus UX 300e is the second-hand automobile that is fallen in worth most in proportion phrases in comparison with a 12 months in the past.

In the event you owned a year-old instance of this electrical SUV with 10,000 miles on the clock in February 2023, it could have been value round £33,250.

However for these with an UX becoming this age and mileage immediately, common sale costs at sellers and auctions are right down to £21,250.

That is a monetary lack of £12,000 over a 12-month interval. As soon as factoring in depreciation, this compact premium EV can have taken a toll on house owners’ wallets. 

What about older vehicles? These are the most important value fallers for 3-year-old fashions with 30k on the clock