Battery Drain: Are EVs losing their charge (and their value)?
Data highlights the huge gap in depreciation of electric vehicles compared to other cars
Fresh data reveals that electric cars drop in value by an average of £11k in the first three years.
An analysis of over 40 million car sales reveals the EVs that lose the most value over time with the Renault ZOE and Audi E-Tron losing 63% and 59% of their original value respectively.
Skoda Enyaq and the Volkswagen ID.4 performed the best, with German brands VW and Mercedes-Benz dominating the slowest depreciating cars.
Carmoola and Brego analysed thousands of electric car sales across the UK to reveal the shocking losses that many EV owners are experiencing since buying their cars.
The full findings can be found here: https://www.carmoola.co.uk/blog/battery-drain
Analysis from Carmoola, the digital car finance lender, has revealed that the average electric car owner stands to lose almost half of the car's value over the first three years, working out at an average loss of £11,225.
Data from over 40 million car sales from vehicle valuation experts Brego, revealed that EVs retained their value considerably worse than other fuel types, on average losing 21% (over £5k) of their value in the first year alone.
Certain electric car models performed worse than others with the Renault ZOE losing a whopping 63% of its value - £12k - of its original valuation of £19,780 over a three year period.
Other models that were revealed to depreciate the most were top-end electric cars the Audi E-Tron and the Jaguar I-PACE, which both lost almost 60% of their price-tags within a year of rolling off the forecourt.
When compared to the diesel and petrol cars that depreciate the fastest, the worst offenders were the Vauxhall Grandland X and Fiat 500X which retained 55% and 56% of their value respectively over the same period.
At the other end of the spectrum, the EVs that hold their value the best is the family-friendly Skoda Enyaq, losing just 30% of its value in the first three years/36,000 miles.
German brands, famed for their reliability, seem to outperform other EVs too, as Volkswagen’s ID.4 and ID.3, as well as the Mercedes-EQA, all retained more than half of their original value after this period.
Aidan Rushby, founder and CEO of Carmoola, said: "Whilst electric car owners who bought new several years ago might be smarting from considerable losses, this data shows that savvy car buyers can avoid the brunt of value depreciation by buying an EV at the right time and, crucially, used.
“Newer electric cars hitting the market with healthier battery ranges and the latest technology can come at a lofty price tag, making them inaccessible for the majority of drivers.
“By keeping a keen eye on the market, and being smart with timing your purchase, people can snap up a used EV with plenty of life left in it.”
For more information on the data, further statistics, and tips for what to look out for when buying an electric car, please visit Carmoola’s website: https://www.carmoola.co.uk/blog/battery-drain