Ten used electric cars that have tumbled in value most this year: One’s worth TWO THIRDS less than it was 12 months ago

Second-hand electric cars are currently selling faster than petrol and diesel models – and it’s all because they’re becoming far more affordable as a result of crippling depreciation.

Earlier this week, This is Money revealed that dealers across the country are selling a used electric vehicle (EV) in just 33 days compared to the 40-day average across all fuel types.

The reason why they’re being snapped up so quick is the tumbling price of pre-owned EVs, which continue to decline in contrast to their internal combustion engine counterparts.

Our exclusive report earlier this year showed that electric cars generally lose the biggest chunk of their value in the first 12 months. After this, depreciation slows each year to a rate similar to that of an equivalent petrol or diesel model. 

This is the result of a perfect storm of factors affecting second-hand battery car prices.

Consumer demand remains relatively low due to ongoing concerns about the longevity of batteries, fears that fast-developing tech is making EVs quickly outdated, and ongoing perceptions that the nation’s public charging infrastructure in lacking.

Also weighing on the residual value of EVs is the constant stream of them entering the second-hand market. 

These are predominantly the EVs registered by fleets and employees using salary sacrifice schemes, both of which offer significant tax-cutting benefits. These currently account for more than four in five new battery cars entering the road in Britain, according to industry figures.

However, this high volume of tax-advantaged EV uptake isn’t being matched by second-hand consumer demand, which is weighing further on the residual value of pre-owned battery cars.

Valuations expert cap hpi has exclusively revealed to This is Money which used EVs are plummeting in value most. Here’s the top 10…

The exact depreciation (which is when a car becomes less valuable when it gets older) of electric cars has become very difficult to measure in recent months.

That’s because it is almost impossible to determine exactly how much buyers are paying for new EVs. 

In a bid to meet binding zero emission vehicle sales targets set out by the ZEV mandate, car makers and their dealers have been slashing the price of new battery cars to make them more appealing to customers. 

Therefore, the recommended retail price – RRP – is no longer an adequate starting price to calculate the loss in value over time.

However, a far more dependable measure is comparing the deflation of a used car today to what it would have been worth if it was sold a year ago.

Cap hpi has exclusively ran the numbers. It has taken today’s value of a year-old EV with 10,000 miles on the clock and put this against the second-hand sale price of a year-old example in November 2023.

On average, a year-old EV with 10,000 miles on the clock has dropped in year-on-year value by 13.6 per cent. 

This decline is at odds with petrol and diesel models, which have remained relatively static, with used petrols of this age and mileage up 0.7 per cent and diesels increasing 0.1 per cent. 

The biggest decline has seen one particular battery car lose two thirds of its used value compared to 12 months earlier. However, there is a very good reason for why it has plunged so much. 

Chris Plumb, head of current car valuation at cap hpi, said: ‘The performance of used battery electric vehicles under 12 months old has faced some challenges over the past year, primarily due to their higher price point and the appeal of attractive new car offers, which sometimes make new vehicles more affordable than their nearly new counterparts. 

‘However, we’re now seeing some positive trends in the market, with some used BEV values stabilising.’

Here’s the countdown on the 10 used EVs that have shed the most value in the last year.

10. SsangYong Korando E-Motion (2021-2024) – down 23.8%

The first electric car from Korean car manufacturer SsangYong – which has now rebranded to KGM (Korean Genuinely Made) – was short-lived in Britain. The Korando E-Motion was only available for a three-year spell before being succeeded by the Torres EVX. 

Having gone on sale in 2021 with an attractive price tag of £34,995 – easily undercutting electric SUV rivals of similar size – it offered a full charge driving range of a claimed 211 miles and lots of space.

But values have taken a tumble in 2024. A year-old example with 10,000 miles on the clock was selling for £22,217 in November 2023. However, the average year-old Korando E-Motion with 10k covered was worth just £16,933 last month – a year-on-year fall of almost 24 per cent.

9. BYD Atto 3 (2023-present) – down 24.3%

The first of two Chinese electric cars to make this list, the Atto 3 was the debut model from relative UK newcomer – but global powerhouse – BYD. It first arrived in Britain’s showrooms in early 2023 priced from £36,490.

The crossover is powered by a 60.48kWh ‘blade’ battery and an official range of up to 260 miles. The battery is said to have 20 per cent greater thermal efficiency in colder conditions, which is welcomed right now with temperatures dropping to single digits.

But used values have been on the slide, with year-old cars with average mileage dropping by almost a quarter.

8. Mercedes-Benz EQE SUV (2023-present) – down 25.3%

The Mercedes EQE SUV is by no means a cheap electric car. New prices range from £75,500 and £125,000 for this luxury family model, which boasts ranges of 260 and 378 miles.

On average, a year-old example with 10,000 miles on the clock was selling for just over £81,500 in November 2023.

Fast-forward 12 months and a year-old EQE SUV with 10k covered is now changing hands for just shy of £61,000. That translates to a financial difference of more than £20,600. 

7. Subaru Solterra (2022-present) – down 26.3%

If you’re looking to stand out from the EV crowd and not toe the popular line, you could side-step Toyota’s electric SUV – the bZ4X and opt for its sister model, the Subaru Solterra. The pair are mechanically – and electrically – identical.

Powered by a 71.4kWh battery, this electric family car launched in 2022 fall short of the 300-mile range that many buyers want to see. At best, it offers up to 289 miles of continuous driving between charges. Good to drive and loaded with tech, its shortcomings include a lack of practicality – especially boot capacity – and a pricey RRP starting from £52,495.

Another issue is that Solterra isn’t holding value particularly well. On average, cap hpi says year-old examples with average mileage were changing hands in November 2023 for £37,500; last month, a 12-month-old Solterra with 10k clocked was worth just £27,550 – decline of 26.3 per cent.

6. Jeep Avenger (2022-present) – down 31.7%

Having originally been introduced to the UK market exclusively as an electric car, Jeep’s parent group Stellantis reacted to a lack of demand and earlier this year made the compact SUV available with petrol and hybrid drivetrain options, undercutting the EV by as much as £6,000.

Looking solely at the battery-only models, which offer a range of up to 249 miles and now start from £29,999 after a recent £5k price cut, the average value of a year-old Avenger sold in November 2023 was £27,600.

Last month, a 12-month-old example with average mileage was changing hands on average for £19,150, which is a decline of almost 32 per cent.

5. Citroen e-C4 X (2022-present) – down 30.7%

The French car firm’s fastback model is available in the UK with two battery sizes: one with 50kW offering a full charge driving range of 222 miles and a 54kW battery option upping the distance to 263 miles.

With pricing starting from £27,360, this is one of the more affordable family models on the market today with a spacious boot and a stylish finish.

That hasn’t stopped it suffering substantial second-hand deflation during 2024. A year-old used example was valued on average to be worth £22,675 in November 2023; last month’s average sale figure was some 31 per cent lower at just £14,725 for a 12-month model with 10k on the odometer.

4. Genesis GV60 (2022-present) – down 30.8%

Hyundai’s luxury spin-off brand, Genesis, is another relative newcomer to the market – and the GV60 is its most affordable electric car that comes with a very unique feature.

Price new from £54,105, it offers a range of 321 miles and – thanks to its 800V technology – can be charged using an ultra-rapid public charger from 10 to 80 per cent in just 18 minutes. While this sounds impressive, Genesis hasn’t really taken off in the UK yet, amassing only 1,099 registrations across its entire line-up in 2024.

Despite the GV60’s exclusivity, it has suffered a loss in used residual value in the last year, with year-old examples in 2023 valued at £42,625 and in 2024 dropping to just £23,508. 

3. Toyota bZ4X (2021-present) – down 31.2%

Earlier in this list (in the number 7 spot), we told you about the 26.3 per cent deflation of the Subaru Solterra. However, its Toyota sister model, the bZ4X, is faring worse.

Cap hpi says the average value of a 12-month-old example with 10,000 miles on the odometer was selling in 2023 for almost £36,500 on average. But a year-old bZ4X with that same mileage is now valued on the second-hand market at just £25,000.

The near £11,400 deflation is not what Toyota will want to hear, given this is its first entirely electric car having solely focussed on hybrids and – lesser so – hydrogen fuel cell up until 2021. A new bZ4X starts from £42,860.

2. Ora Funky Cat/03 (2022-present) – down 46.7%

The second Chinese EV to make the list has suffered huge second-hand deflation in 2024, cap hpi’s data shows.

Ora, a brand owned by Far East giant Great Wall Motor, entered the UK market in 2022 with the oddly named Funky Cat supermini. Britons didn’t take to the moniker, which has seen its nameplate already changed to the more palatable ’03’.

But a name change hasn’t saved this small EV from big value loss. Despite starting from £31,995 (and offering ranges of between 193 and 260 miles), a year-old Funky Cat with average mileage in November 2023 had fallen to just £21,850. Twelve-month-old examples on the market now are down to just £11,650, which is deflation of 47 per cent.

1. Fisker Ocean (2023-2024) – down 67.2%

There’s a very good reason for why the Fisker Ocean is placed at number one on this list with monumental deflation of 67.2 per cent – which translates to a year-on-year price declines of £32,000 for 12-month-old cars – and that’s because it has gone into administration.

The American start-up filed for bankruptcy in June, having only just entered the UK market a year earlier but being plagued with missed production targets, supply delays and mechanical issues.

Only around 10,000 Oceans were produced, and just under 5,000 cars were delivered. Some 400 examples came to UK customers. 

Since going into administration, software updates have gone offline, meaning any issues with the technology might not be fixable. A lack of parts and repair knowledge could also render the cars – which cost between £37,000 and £62,000 new – obsolete.