Electric Cars Do Not Hold Their Value

A new study found that after three years, electric cars are only worth 20% of their original sticker price

It is widely known among consumers that automobiles are not a wise investment. The moment you drive it of the dealer’s lot it starts losing value and you start putting money into it with your first stop at the gas station. Some people have tried to offset this loss by purchasing electric cars but a study by pricing analysts at UK-based CAP Automotive shows anything you might save in fuel cost is lost in car value.

The study found that the average three-year-old gas driven vehicle is worth 30-40% of its original sticker price but the typical three-year-old electric car is barely worth 20% of what you paid for it. Diesel and hybrid models fared much better. These vehicles typically retained an average of 44.7% and 43.6% of their original sticker price.

Public perception of electric cars had an impact on resale value in factors such as charging infrastructure, battery range and unfamiliarity with the technology. The limited number of options available on electric vehicles also played a part, as did the limited number of models.

The models of electric vehicles in the United Kingdom are Mitsubishi i-MiEVs, the G-Whiz, Nissan LEAFs and a handful of Tesla Roadsters; all first generation models. Conversely, the Toyota Prius has held its value, with more than a decade in the market. Over the same three-year period, this electric vehicle has an average value of 45.3% of its sticker price.

The car-pricing analysts at CAP Automotive reported this percentage of original sticker prices, after three years, on these types of vehicles:

  • 53.5% — Supercar

  • 53.0% — SUV

  • 52.8% — Luxury executive

  • 49.8% — Sports

  • 47.2% — Convertible

  • 45.6% — Executive

  • 44.4% — City car

  • 44.3% — Supermini

  • 42.3% — Lower medium

  • 41.9% — Upper medium

  • 40.1% — Large executive

  • 39.7% — MPV

  • 39.3% — Coupé Cabriolet

  • 20.2% — Electric

About ValueMyCarForCash.co.uk

Value My Car For Cash (http://www.valuemycarforcash.co.uk/) offers several different ways to go about determining your car’s overall value. There are even Apps that have been developed by services such as Glass that are tailored to answer this very question.

Distributed by Iterate LLC

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