{"id":297164,"date":"2024-01-19T15:01:34","date_gmt":"2024-01-19T14:01:34","guid":{"rendered":"https:\/\/climatescience.press\/?p=297164"},"modified":"2024-01-19T15:01:39","modified_gmt":"2024-01-19T14:01:39","slug":"electric-cars-suffer-unsustainable-depreciation-in-secondhand-market","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=297164","title":{"rendered":"Electric cars suffer \u2018unsustainable\u2019 depreciation in secondhand market"},"content":{"rendered":"\n
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Electric cars<\/a> lose as much as half of their value after just three years on the road, new figures show, as the rate of depreciation far outstrips petrol equivalents.<\/p>\n\n\n\n

Research from Auto Trader said there were \u201cunsustainable levels of depreciation\u201d in the electric car market, with used prices of battery-powered vehicles dropping by 23pc in the last year alone. The Telegraph<\/a> has the story.<\/p>\n\n\n\n

The online vehicle marketplace said a motorist buying a \u00a350,000 electric car could expect to lose \u00a324,000 in value over three years, while a similarly priced petrol car could lose \u00a317,000.<\/p>\n\n\n\n

The value of used electric cars has dropped dramatically in the last 12 months<\/a> after Covid-related supply shortages eased and as rising electricity prices hit demand. <\/p>\n\n\n\n

This coincided with petrol prices falling to a two-year low.<\/p>\n\n\n\n

Auto Trader\u2019s latest report warned that \u201cresidual values of electric cars remain unsustainably low\u201d.<\/p>\n\n\n\n

It said that the price of used electric cars could come under further pressure this year as thousands of motorists return vehicles acquired on three-year leases and as manufacturers cut the price of new vehicles.<\/p>\n\n\n\n

\u201cWith over 800,000 new electric cars registered between 2020 and 2023, supply returning to the used car market will only increase in 2024, and if demand does not keep up, electric cars could depreciate even further, undermining both consumer and retailer confidence,\u201d it said.<\/p>\n\n\n\n

Manufacturers are now applying record discounts<\/a> to new electric vehicles in a bid to boost stuttering demand.<\/p>\n\n\n\n

Auto Trader said car makers were slashing thousands of pounds off prices, with average discounts of 10.6pc offered in December. This compares to discounts of 4.8pc a year earlier.<\/p>\n\n\n\n

It predicted that a\u00a0wave of Chinese entrants<\/a>\u00a0would further push down the cost of electric cars.<\/p>\n\n\n\n

Read the full story<\/em><\/strong> here<\/a>.<\/em><\/strong><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Electric cars\u00a0lose as much as half of their value after just three years on the road, new figures show, as the rate of depreciation far outstrips petrol equivalents.<\/p>\n","protected":false},"author":121246920,"featured_media":297167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Electric cars\u00a0lose as much as half of their value after just three years on the road, new figures show, as the rate of depreciation far outstrips petrol 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