Sunday 22 September 2019

EVs lose value as quickly as diesel cars

How can an EV lose value to such an extent that it is nearly as ‘bad’ as diesel? In a word, technology. Stock picture
How can an EV lose value to such an extent that it is nearly as ‘bad’ as diesel? In a word, technology. Stock picture
Eddie Cunningham

Eddie Cunningham

Electric cars are losing their value much faster than petrol cars - and nearly as quickly as diesels - according to startling new research.

 

UPDATE TO THIS ARTICLE: DoneDeal in hot water for claims on electric cars losing value

 

The study by DoneDeal reveals electric vehicles (EVs) are declining in value by 41pc over the course of their first three years on the road. That compares with 24pc of original-value loss by petrol cars and 43pc for the much-maligned diesels.

There is huge interest in electric vehicles - recent data from Carzone shows online views increased 1,366pc in the past year - but this latest analysis will raise eyebrows.

How can an EV lose value to such an extent that it is nearly as 'bad' as diesel? In a word, technology.

It is changing so fast and batteries and range are improving so quickly that older, shorter-range models are suffering.

At a time when the Government is feverishly driving uptake of new and used EVs to replace petrols and diesels, the research is likely to encourage some motorists to consider holding on to their fossil-fuel powered motors for another while.

They will hope that as EV range and charging facilities improve the level of depreciation will reduce, thereby making purchase a more attractive financial proposition.

Irish Independent

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