Why Used EV Values Are Dropping Like Crazy!

Thanks to Solera and CAP HPI for providing the data used in this video:

Every car loses value as soon as you drive it off a forecourt. Unfortunately, depreciation is just something you have to accept when buying a new car.

However, some cars seem to be more susceptible at losing value than others, and in this instance, we’re taking a closer look at electric cars!

We’ve teamed up with cap hpi to take a look at some of the newer electric cars to hit our streets, and we’re finding out what the top 10 worst electric cars are when it comes to losing value after one year of ownership.

From affordable to high-end cars, it seems no car is safe from depreciation! For example, we found a Porsche Taycan Turbo S from 2023 that only had 20 miles on the clock, and the value had dropped from £150,000 to £113,000 - that’s a loss of around £1,800 for each mile the car had travelled!

However, some cars have seen a much steeper decline in their value. But which do you think will claim the top spot? You’ll need to stick with Mat and see for yourself!

[obk]

The person with the Taycan who did 20 miles in one year should have just ordered a Taxi instead.

[Huw]

That Porsche Taycan with 20 miles on it smacks of someone trying to got onto the list for a 911 GT3 RS

[thewho]

A 15-min video which could be turned into a bar chart and read in 15-seconds

[robtt]

I have just sold our car through Carwow. Be aware the dealer takes the car and V5 away and payment is promised as soon as it gets to the dealers premises. Well, that didn’t happen to us . In fact it was just a day short of a week before we saw our money . We went though a lot of hassle chasing our money and a load of worry.If that dealer had gone bust in that week we were going to be in a world of pain either chasing our money through the liquidators or trying to recover our car. Lawyers would be needed. Car wow were useless chasing the dealer . Very disappointing.I won’t use them again it’s too risky .

[yeahitskimmel]

I took a shot every time Matt said "1 year old with 10, 000 miles" and died

[kj]

Moral of the story, Only buy second hand cars

[grahamsmith]

The fact that car manufacturers dropping the new prices regularly will certainly not be helping the second hand prices

[mookv]

I bought a 2007 Honda Civic 6 years ago for £2, 500, stuck over 100, 000 miles on it & it has never missed a beat. I plan to run it until I see 250k. Pretty much zero depreciation, the thought of losing that much money in a year makes me physically sick 😅

[samatwesu]

Number 0 on List: Fisker Ocean. Last Year $44, 000 this year 1 Fig Newton.

[rafaelsays]

I think it’s the market speaking and rather than a drop in value, it is a price adjustment to what it is really worth. These manufacturers are milking the EV market until the cheaper Chinese manufacturers come en masse and force them to drop prices to reality.

[sunseeker-ybqt]

The good thing is if you simply buy and enjoy the cars for 8-10 years you do not have to worry about depreciation.

[pqvid]

As a private person, it's amazing news! Getting "certificated pre-owned" at such a high discount seems like the deal of the century!

[PresidentJackBauer]

Trading in a car within a year is always dumb. Just lease at that point. Even trading within 3 years is a waste.

[ObiePaddles]

I’ve owned a few new cars and have kept them for at least 8 years. I buy 1 year old cars, not sell them!

[damianpoole]

33k trade in on a etron gt yet the average price for one with those miles is just short of 60k. Someones being shafted here ...

[hkad]

Journalists: EVs are too expensive!
Also journalists: EVs are getting too cheap!
🙄

[richards]

This would have had more context if Matt had also added the % drop from purchase price

[harrywilshere]

Dealer before trade-in: "your car is a year old, has 10k miles and there's a new model out, $20k.

Dealer after trade in: "this car is only a year old with only 10k miles, practically the same as the new model, $27k"

[XZ]

The Taycan prices are like that because Porsche makes you buy 3 Taycans just to even get a sniff at getting on a list to buy a new GT3 RS. There's a good video exposing this tactic of Porsche.

[RichardForster-guww]

Dear Sir
I am a beekeeper and have been battling with enemies of the bee for the last 25 years. We are told of the concerns everybody has about the environment, however I find it’s just on the surface and deep down nobody is prepared to do anything to save the world. Not only that, industry isn't prepared to do anything either.
Take the plight of the bee, here in France and I guess its the same in the UK. About 10 years ago it was decided to ban pesticides that kill bees and other beneficial insects, the farmers were given permission to use what pesticides they had remaining and then the sale was supposed to stop.
That happened for a couple of years, then there was an outcry from the sugar producers and they lobbied parliament to lift the ban, which parliament did. Hence we have these dangerous pesticides back.
This is all very well but another problem bees have is the changing environment due to global warming. This year has been so bad that the bees cannot forage and have to be fed artificially, if not they will die.
What with the other pests attacking the bees, varroa destructor, ants, eastern hornets, wax moths. Just to name a few.
All this makes the keeping of bees untenable, I have lost over ¾ of my hives and I am prepared to give up the fight along with many other beekeepers.
It's not just the bees.
Wherever you look there are restrictions and destruction of nature and felling of trees, even the so-called just stop oil, environmentalists as they think they are. Gluing themselves to roads, spray painting StoneHenge, generally causing havoc, The only thing I can see is they are getting everybody's backup. Why can't they do something useful like demonstrate for the protection of bees? What do they think they are achieving?
Various authorities say they are planting saplings but they take 50 years to get to maturity. We don't have that long to mess about, besides 60% of the trees die because of neglect.
Then we have the biggest scam to hit the world. The EV, I have a modest car, it's a diesel Renault Modus, it does 55 MPG and I bought it two years ago for £1, 500.
I am told by the experts that it's me causing pollution and the answer is I should buy an EV.
£1, 500 would just about buy the wing mirrors for an EV, but wait a minute I was sold this diesel as a eco 2 car. I guess that means it is environmentally friendly and just in a few years it has become unfriendly and an EV that would cost 40 times as much, made with lithium, cobalt, rare earth, gold and many other polluting materials is far friendlier than my humble car? Then again EV’s are making the world more dependent on China, we are told we could very well be at war with them within the next ten years, at war with somebody who provides all our transport, not a very good idea.
Think about it, If I was stupid enough to fall for this BS and buy an EV, for starters the EV would have to be made, causing an enormous amount of pollution. My car is already made so that is one load of pollution saved, Then my car would have to be destroyed. That's a second load of pollution saved, all before the EV touches the road.
Then we have the matter of insurance, EV’s are expensive to insure as they have a tendency to burst into flames and cannot be extinguished. Avis recently dumped 20, 000 EV’s because of excessive depreciation and difficulty to maintain.
OK so say I have been stupid enough to fork out £50, 000 for this load of junk, and after five years when all the bits of plastic have started to break, and what with dragging half a ton of batteries about when most of the time it's only me in the car. I decide I want to trade it in. What do you think a buyer is going to offer me as a trade-in? Well they will say as he sucks air in through his teeth, the batteries are at the end of their life and to replace them will cost more than the car is worth.
So there you have it. They say it's me causing all the pollution. It's not the wars, the buildings being destroyed by bombs. The massive armies and navies. It's not the airplanes, cruise ships and super tankers floating around, or the cement being made to renovate the destruction. No. No, it's me driving my 1500cc diesel.
I believe most of the people in the world are tired of being fed BS, they are waking up to the fact and they are reacting with aggression.
So that is basically the problem, if all these people are being blamed and penalized for the causing of pollution and it is obviously a total lie, why should they pay an enormous amount of money to go into London within the M25 or any other city?
The end result is going to be taken out on the government’s, the unscrupulous governments will make false promises that they cannot possibly keep. Stories just made up to get into power.
Then there is the news media. Happy to let all these lies go unquestioned. Maybe the news broadcasters should have a meter at the top of the screen, so if a story is being reported the meter will register how authentic it is. The meter could be controlled by viewers, chosen at random around the country, it might also show fake news created by AI, that's the next hurdle.
So I don't expect anybody will read this letter, so I will send it off into cyberspace where it will probably be forgotten. I really don't care any longer. Humanity can sink in its mire.