Electric vehicles (EVs) are leading the pack in terms of used car models that have experienced the most significant decrease in value over the past year.
Out of the 30 models that have seen a decline in value over the last year, a staggering 24 are EVs. The most severely affected example has seen its value drop by a substantial 36%, resulting in a financial loss of £12,000.
There has never been a better time for consumers to consider purchasing a used electric vehicle, given their exceptional value compared to internal combustion engine equivalents, potential cost savings in ownership, and overall value for money.
The list below outlines the top 10 models with the most significant price drops based on 'nearly-new' cars that have been out of showrooms for a year. These figures represent the decline in value when comparing the sale price of a one-year-old example with 10,000 miles on the clock in February 2023 to the sale price of a year-old example of the same model with the same mileage last month (February 2024).
This data showcases the extent of the deflation in EV values over the past 12 months, providing insights into the changing dynamics of the automotive market. All information provided by Cap Hpi is based on dealer and auction sale prices achieved during the specified months.
We've compiled a list of cars that have experienced the most significant decline in value compared to a year ago.
- 10 Range Rover Evoque HYBRID (2020-present) - DOWN 30.5%
The average price of 1-year-old, 10k-mile example in February 2023: £47,180
The average price of 1-year-old, 10k-mile example in February 2024: £32,790
One-year price decline: -£14,390
Out of the top 10 cars that are now worth a lot less than they were a year ago, number 10 is one of just two that aren't electric vehicles (EVs). It's the Range Rover Evoque, specifically the P300e plug-in hybrid version.
Today, dealers across the UK are selling one-year-old Evoque P300e models with 10,000 miles on them for an average of £32,970. Last year, the same model was selling for almost £14,400 more at £47,180.
- 9 Kia EV6 ELECTRIC (2021-present) - DOWN 30.5%
The average price of 1-year-old, 10k-mile example in February 2023: £46,850
The average price of 1-year-old, 10k-mile example in February 2024: £32.550
One-year price decline: -£14,300
Kia's sleek electric family car has been a hit since it arrived in the UK in 2021. People love its stylish design, classy interior, and impressive range of up to 328 miles, which sets it apart from its ordinary competitors.
However, even with all these features, the EV6 has seen a big drop in value.
If you wanted a year-old EV6 with 10,000 miles on it in February 2023, you'd have to shell out £46,850. But now, a 12-month-old EV6 goes for just £32,550.
- 8 Mercedes-Benz EQA ELECTRIC (2021-present) - DOWN 31.4%
The average price of 1-year-old, 10k-mile example in February 2023: £40,246
The average price of 1-year-old, 10k-mile example in February 2024: £27,615
One-year price decline: -£12,631
The EQA is Mercedes' smallest electric SUV and the most affordable one in their lineup. Coming in at just under £50,000 when brand new.
However, it does have a decent range of up to 311 miles on a full charge, which makes it quite practical, though it's still a bit pricey.
If you're looking for a good deal on an electric vehicle, buying a 'nearly-new' EQA that's about a year old makes a lot of sense right now. The prices have dropped significantly over the past year.
-7 Mercedes-Benz EQB ELECTRIC (2021-present) - DOWN 31.7%
The average price of 1-year-old, 10k-mile example in February 2023: £47,250
The average price of 1-year-old, 10k-mile example in February 2024: £32,275
One-year price decline: -£14,975
The Mercedes EQB is a bit larger and pricier than the EQA, another electric SUV from Mercedes.
Just like its smaller counterpart, the EQB has seen a big drop in value over the past year. This means that owners trying to sell their EQB now are losing around £15,000.
- 6 Land Rover Discovery Sport HYBRID (2020-present) - DOWN 32.9%
The average price of 1-year-old, 10k-mile example in February 2023: £48,867
The average price of 1-year-old, 10k-mile example in February 2024: £32,800
One-year price decline: -£16,067
If you thought the drop in price for the Range Rover Evoque plug-in hybrid was bad, the Land Rover Discovery Sport with the same P300e engine has been hit even harder by falling values in the last 12 months.
A year ago, owners could have sold a year-old Discovery Sport for around £48,867. But now, if you wanted to sell a similar car that's also a year old, you'd only get about £32,800 for it.
- 5 Honda e ELECTRIC (2020-2023) - DOWN 33.1%
The average price of 1-year-old, 10k-mile example in February 2023: £25,417
The average price of 1-year-old, 10k-mile example in February 2024: £17,017
One-year price decline: -£8,400
The Honda e is one of the coolest-looking electric cars out there. Its retro eighties hot-hatch style and modern interior make it a popular choice for those looking for a small electric car. However, it does have some drawbacks.
The biggest issue is its limited range. With only 137 miles on a full charge, it's not ideal for long journeys. Plus, it was quite expensive when new, costing just over £37,000.
- 4 Volkswagen e-Up ELECTRIC (2013-2023) - DOWN 33.6%
The average price of 1-year-old, 10k-mile example in February 2023: £18,150
The average price of 1-year-old, 10k-mile example in February 2024: £12,050
One-year price decline: -£6,100
While the Honda e mentioned earlier was a small electric car with a high price tag when new, the e-Up from Volkswagen was more affordable, aiming to attract more customers.
Although the e-Up was discontinued last year, Cap Hpi still has data on how much its second-hand value has changed over the past 12 months.
In February 2023, a one-year-old e-Up would have cost around £18,150. However, last month, a similar one-year-old model with 10,000 miles on it was only worth £12,050.
-3 DS3 E-Tense ELECTRIC (2019-present) - DOWN 34.1%
The average price of 1-year-old, 10k-mile example in February 2023: £22,096
The average price of 1-year-old, 10k-mile example in February 2024: £14,563
One-year price decline: -£7,533
The DS3 E-Tense is the electric version of the French DS3 compact crossover.
A year ago, owners could sell their one-year-old DS3 E-Tense for just over £22,000. But now, a similar car that's also a year old is only worth around £14,500.
-2 Vauxhall Mokka ELECTRIC (2019-present) - DOWN 34.3%
The average price of 1-year-old, 10k-mile example in February 2023: £22,800
The average price of 1-year-old, 10k-mile example in February 2024: £14,967
One-year price decline: -£7,833
The Vauxhall Mokka Electric stands out as one of the most distinctive electric SUVs on the market. Its boxy shape and unique design make it unlike any other SUV out there.
It has an official range of up to 252 miles on a single charge, which might not be the longest, but it's still good enough for most people who don't frequently travel long distances on highways.
According to Cap Hpi's data, the value of a one-year-old Mokka Electric has dropped by 34.3% in just the past year. In February 2023, it was worth around £22,800, but last month, it had fallen to just £14,967.
- 1 Lexus UX ELECTRIC (2020-present) - DOWN 36.1%
The average price of 1-year-old, 10k-mile example in February 2023: £33,250
The average price of 1-year-old, 10k-mile example in February 2024: £21,256
One-year price decline: -£11,994
The Lexus UX 300e has lost more value than any other used car compared to a year ago.
If you had a one-year-old UX 300e with 10,000 miles on it in February 2023, it would have been valued at around £33,250.
But now, if you have a similar UX with the same age and mileage, it's only worth about £21,250 when sold through dealers and auctions.
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