An electric vehicle’s depreciation and resale value are undoubtedly among the top considerations of used car buyers. To guide them, the renowned British used car website CarGurus ranked the EVs that recorded the highest price reduction over the previous year, as reported by The Telegraph.
Top 10 most heavily depreciating secondhand cars
CarGurus calculated the electric model’s average price reduction since 2022. Notably, the exclusion of cars from 2013 and beyond with fewer than 100 advertisements left out several specialist or enthusiast brands. Newer models with steeper depreciation curves were also excluded, as they could have skewed the results.
Below are the rankings:
| Ranking | Model | Average value 12 months ago | Average value today | Percentage drop |
| 1 | Kia Proceed | £29,348 | £17,860 | 39.1% |
| 2 | Tesla Model 3 | £46,775 | £33,017 | 29.4% |
| 3 | Audi e-tron | £63,363 | £46,249 | 27.0% |
| 4 | Jaguar I-Pace | £57,462 | £57,462 | 25.8% |
| 5 | Vauxhall Zafira Tourer | £12,564 | £9,468 | 24.6% |
| 6 | Renault Scenic | £12,967 | £9,947 | 23.3% |
| 7 | Citroën Grand C4 Picasso | £14,196 | £11,049 | 22.2% |
| 8 | Ford C-Max | £12,762 | £10,045 | 21.3% |
| 9 | Vauxhall Astra GTC | £10,571 | £8,387 | 20.7% |
| 10 | Renault Zoe | £21,857 | £17,423 | 20.3% |
As you can see, the Kia Proceed recorded the highest value drop of 39% over the past year. The result is quite unexpected as Kia offers an extensive seven-year warranty, which normally implies decent upkeep in value.
America’s most popular electric vehicle Tesla Model 3, ranked second with a 29% value drop. Notably, a £5,000 cut in the price of new Model 3 units at the start of this year has led to a simultaneous hit to the values of used models.
The Audi e-tron came in third with a 27% value drop from the previous year. The Jaguar I-Pace followed it with a 25.8% value drop. The fourth EV on the list, Renault Zoe, landed 10th place with a value drop of 20.3%.
The findings indicate that interest in battery-powered vehicles among used car buyers is waning, probably due to apprehensions about battery life and range reduction.
See Also:
- Used EV searches surged 145% in February 2023 on Cars.com
- Tesla Model 3 experiences the highest price drop for its used car in this year
- Tesla Model 3 has the highest used car discount
- Used Tesla prices are still high amidst price drops
- Top 10 options for secondhand electric vehicles
The latest survey by Startline Motor Finance revealed that 56% of EV buyers assume that a battery’s range will drop 30% or more over five years. However, Geotab’s latest study proved that a battery loses nearly 12% of its range at a 2.3% annual rate.
