Warning issued to anyone with an EV as drives face | Tech News

Electric car homeowners have been issued a warning as a new evaluation from high specialists exhibits main depreciation hitting the EV market. According to a examine by Cox Automotive, electric automobiles are dropping over half their worth within the first two years of possession.

A examine by the group discovered that a typical EV retains solely 47% of its market worth after 24 months on the street. This is massively down on the 83% worth retention at EVs loved as early back as 2022 with the increase of Chinese automobiles probably to blame. The problem seems to solely be affecting the electric car market with diesel automobiles anticipated to retain 70% of its market worth over the identical timeframe.

Philip Nothard, Insight Director at Cox Automotive Europe careworn there was “little incentive” for street customers to make the swap to electric fashions.

He mentioned: “2022 did see used vehicle prices reach a peak following the supply constraints around the Covid-19 pandemic.

“However, the current performance of nearly-new EVs in the used market is still much lower than we would anticipate for vehicles in this age profile.

“The heavy discounts offered on new vehicles mean that consumers can pick up a brand-new model for the same price as a nearly-new model.

Research from the specialists found that prices are down from £39,849 to £24,908 between April 2022 and April 2025.

Northard adds: “The used market is a crucial source of profitability for the automotive sector. Within increasingly volatile market conditions, the strength and consistency of used operations are crucial.

“To ensure this, more support for the used EV sector is needed to put the brakes on the rapid pace of depreciation.”