Used electric vehicle values down again in March
Cap Live data has revealed that used electric vehicle values continued to fall through March.
Analysis showed that used electric vehicle prices dropped 1.7% in March, or £320, with values now falling for four consecutive months and 10 of the last 12.
Chris Plumb, head of current valuations for Solera cap hpi, said: “With the latest reduction in values for BEVs, this now marks the fourth consecutive month of negative adjustments. Over the past 12 months, only two months, October and November, saw stable values, with BEVs being the strongest-performing fuel type during that time.
“The BEV market continues to be quite fragmented, with performance varying from one model to another, which means we need to keep a close eye on each individual model.”
Used car values steady
Across the wider used car market, however, prices remained steady with demand particularly strong for petrol and hybrid vehicles.
At the three-year mark, values increased by 0.4% (£70) for hybrid vehicles and 0.3% (£45) for petrol cars, while values for diesel vehicles remained level with no change, while PHEVs fell behind that with a movement of -0.2% (£60).
Plumb said: “Looking at the numbers for three-year-old vehicles, we saw that 57% of models experienced value reductions, while 37% managed to hold steady. On the brighter side, six per cent actually saw positive adjustments. And despite a wave of negative media coverage, the Tesla Model Y held steady, while the Model 3 dipped by just one per cent or £163, which is slightly better than the average for all BEVs this month.”
Plumb concluded:
“The shift over the month has been the increasing selectivity of buyers regarding older, high-mileage vehicles. The trend suggests that these cars may not be as appealing as they once were, likely due to the price increases we’ve seen recently.”
