According to Cap HPI, the value of electric cars is plummeting. The company has been recording the value of EVs and has seen a 18% decline in the value in the last 12 months. EVs are also struggling to sell too, with the slowest to sell being the Audi Q4 e-tron.
Customers are also seeing issues when cars have been previously valued. For example, Autocar have reported about Richard Hilder who had waited six months for his new MG 4 and when it finally arrived, the dealer manager had to call Mr Hilder and inform him that his part exchange Citroën ë-C4 was worth £4,000 less than it was previously.
Drivers who haven’t yet made the jump to an EV have had a few things as barriers. The price of electricity is outrageously high in the UK, the price for petrol and diesel has come down somewhat which has ruined the benefit EVs have had for a long time with the cost to run them. EV skeptics are also worried about the charging network and how reliable it can be. However, this is widely debated.
It also hasn’t helped that the UK government scrapped the new car grant for EVs last year, making them instantly more expensive to purchase new.
Some cars are just sticking around on the forecourts, with the Mini Electric being one of the worst, as does the Renault Zoe.