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Running out of power: The value of used electric cars falls by a fifth and their price plummets by a quarter in one year
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Second-hand electric car prices have plummeted by almost a quarter in a year, figures show, amid a fall in consumer confidence.
Dealers have warned that electric vehicles (EVs) sit at service stations for “months at a time while losing value”, and some risk being sold at a loss if the market does not recover.
Earlier this week, Rishi Sunak abandoned the 2030 target of banning the sale of new petrol and diesel vehicles, postponing it until 2035.
The Prime Minister warned that imposing “unacceptable costs” on families risked ruining support to save the planet.
The move, which aligns the UK with the European Union, was a victory for the Mail’s campaign to rethink the 2030 deadline.
Dealers have warned that electric vehicles (EVs) sit at service stations for “months at a time while losing value” (file image)
September mid-month figures published by AutoTrader, the largest online car marketplace, reveal that the average price of a used electric vehicle has fallen by 21.4 per cent to £32,463.
Electric vehicles in the premium sector, including Tesla, BMW, Mini and Mercedes-Benz, were the hardest hit: their values fell by up to 24.1 percent year-on-year.
The data, reported by The Times, showed that prices for second-hand electric vehicles in the premium sector peaked at £51,704 last August and have since plummeted by more than £10,000 to £39,268.
Marc Palmer, head of strategy and insights at AutoTrader, said: ‘The second-hand market will take longer to mature. Fewer new electric vehicles will be registered and fewer used cars will come onto the market.
‘There will be sections of the public, especially those who are sceptical, who will want to wait.
“Used cars are the biggest part of the industry, but getting the majority of drivers to opt for second-hand EVs will take longer. “There are a lot of things up in the air.”
Electric vehicles in the premium sector, including Tesla, BMW, Mini and Mercedes-Benz, were the most affected: their values fell by up to 24.1 percent year-on-year (file image)
Earlier this week, Rishi Sunak abandoned the 2030 target of banning the sale of new petrol and diesel vehicles, postponing it until 2035.
Figures revealed earlier this week also showed that sales of new zero-emission vehicles to private buyers have fallen by more than 11 per cent.
Umesh Samani, president of the Independent Automobile Dealers Association, which represents more than 1,000 dealers, said the delay in the ban on petrol and diesel cars had given “everyone a break”.
He said: “It’s been so volatile that dealers have been very afraid to get involved with electric vehicles.”
‘Many of our members have been stuck with electric vehicles at their service stations that they cannot switch to, even when they are dropping £2,000 to £3,000 a month. “It is a phenomenal amount.”