Big-selling electric models are among the most depreciating used cars

By Paul Homewood


h/t Ian Magness



If there’s one thing most buyers of nearly-new cars want to know, it’s what that car is going to be worth when they sell it on.

After all, a far greater proportion of used cars are bought using cash or personal loans, rather than PCP finance – and that means the amount for which they can be traded in has a much greater impact on buyers’ wallets.

So new data about to be released by CarGurus, one of Britain’s leading used car classifieds websites, which charts the most depreciating used cars, is sure to be of interest.

To work out its ranking, CarGurus calculated the average price drop of cars for sale on its platform over the past year.

Models from 2013 onwards with fewer than 100 adverts were not included, which counted out many specialist or enthusiast marques, as well as newer models whose steeper depreciation curves would have skewed the data.

The results reveal that the model that’s depreciated most over the course of the last year is the Kia Proceed, with a 39 per cent drop in values since last year.

That’s a bit of a surprise given Kia’s lengthy seven-year warranty, which usually means its models are pretty good at holding their value. However, the Proceed’s low profile and unconventional body style may mean many used buyers aren’t really sure what to make of it.

In second place is the more recognisable Tesla Model 3. It heads a trio of popular, high-value electric cars whose values have reduced by between 26 and 29 per cent since last year. A fourth EV, the Renault Zoe, also features in the top 10.

The results suggest used buyers’ enthusiasm for battery-powered cars is on the wane, which is likely due to concerns about battery life and range degradation.

There can be little surprise here. Until now the scarcity of second hand EVs has helped to keep second hand prices relatively high.

Their intrinsic value, however, has always been dubious, given the problems with battery life. Who would want to buy a three year old EV with 60,000 miles on the clock, when it will be  effectively worthless on a few years time?


April 27, 2023 at 03:40PM

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