EV's losing value twice as fast as petrol vehicles

Cars naturally decrease over time given the wear and tear of the vehicle, as well as the mileage and age. But, for some electric car owners, they could be seeing the value of their car depreciate at twice the rate of petrol cars.

According to a new study in the UK, EVs on average will lose 51 percent of their purchase value from 2020 to 2023, compared to just 37 percent for petrol vehicles. This equates to a massive £15,220 loss for electric car owners.

The data, from ChooseMyCar.com, used a comparison of new car prices three years ago compared to their value now.

The higher the original purchase price of the car, the bigger the loss, with the Tesla Model S losing £25,000 in value in just three years - a 46 percent drop

However, entry-level EVs like the Nissan Leaf are also losing a massive amount of value in such a short space of time.

The Leaf’s value dropped by £13,000 - or 58 percent - despite it being one of the most popular small EVs on the market.

Other popular cars like the Hyundai Ioniq and BMW i3 saw large depreciation rates as well with 67 percent and 64 percent respectively.

Nick Zapolski, founder of ChooseMyCar.com, said: “Our research shows yet another blow for EV owners, on top of many other issues that have come to light recently.