Electric cars losing value twice as fast as petrol vehicles – drivers may lose £25,000
Daily Express, 3 May 2023
The value of some of the most popular electric cars is depreciating at twice the rate of petrol cars, a new study has found.
When someone buys a new car, the value will naturally decrease over time given the wear and tear of the vehicle, as well as the mileage and age. But, for some electric car owners, they could be seeing the value of their car depreciate at twice the rate of petrol cars.
According to a new study, EVs on average will lose 51 percent of their purchase value from 2020 to 2023, compared to just 37 percent for petrol vehicles.
This equates to a massive £15,220 loss for electric car owners, with petrol drivers seeing a decrease of £9,901.
The data, from ChooseMyCar.com, used a comparison of new car prices three years ago compared to their value now.
The higher the original purchase price of the car, the bigger the loss, with the Tesla Model S losing £25,000 in value in just three years – a 46 percent drop.
However, entry-level EVs like the Nissan Leaf are also losing a massive amount of value in such a short space of time.
The Leaf’s value dropped by £13,000 – or 58 percent – despite it being one of the most popular small EVs on the market.
4) Survey: Growing portion of US shoppers are rejecting EVs
Green Car Reports, 2 May 2023
Despite strong EV sales growth, the ratio of U.S. car shoppers uninterested in buying an EV is increasing, according to a new J.D. Power survey.
“Top-line metrics on overall EV market share, availability and affordability have been on a long-term upward trend,” J.D. Power said in a statement, “but beneath those headline numbers we are starting to see some consumer behaviors that suggest a possible bifurcation of the automotive marketplace.”
J.D. Power’s data show the number of shoppers “very unlikely” to consider an EV purchase in the next 12 months reached 21% in March. That’s up 2% from the month before and the highest “very unlikely” response J.D. Power had ever seen.
Price and charging were the biggest reasons survey respondents rejected EVs. Of those “very unlikely” and “somewhat unlikely” to consider an EV, 49% cited both “lack of charging station availability” and “purchase price” as reasons for their disinterest in EVs. “Limited driving distance per charge” and “time required to charge” were also frequently cited, with 43% and 41% of respondents, respectively, listing them as factors in avoiding an EV purchase.