10 electric car depreciation disasters

Electric depreciation

According to the Society of Motor Manufacturers and Traders (SMMT), the number of electric cars in use on UK roads increased by almost a half (47.3 percent) in 2023, and zero emission vehicles now account for 2.7 percent of all cars in use. This means there’s more choice of used electric cars than ever before.

While some electric cars are good at retaining their value, others drop like a stone. Using data supplied by Cap HPI, we can reveal the most-depreciating electric cars of 2024, with the results presented in reverse order.

Seat Mii Electric (2020-2021)

As its name suggests, the Mii Electric was an electric car based on Seat’s excellent city car. At the time, it was one of the country’s cheapest EVs, with a price tag of around £20,000 after the government’s old Plug-in Car Grant was deducted. A 36.8kWh battery pack provides up to 160 miles of range, but you could expect up to 222 miles in the city.

Seat Mii Electric (2020-2021)

Price fall: 26.5 per cent

The figures from Cap HPI are based on the percentage loss in value over three years and 36,000 miles. Which means a Seat Mii Electric owner can expect their car to lose 26.5 per cent of its value if they sell it after this period.

Hyundai Kona Electric (2018-2023)

Although it’s now been replaced by a new model, the old Hyundai Kona Electric remains one of the best used electric cars, not least because it’s covered by a five-year, unlimited mileage warranty. Two versions are available: a 39kWh battery for 189 miles of range or a 64kWh model that will travel an impressive 300 miles when fully charged.

Hyundai Kona Electric (2018-2023)

Price fall: 26.8 per cent

Commenting on the data, Derren Martin, director of valuations at Cap HPI, said: “Used EV values can be volatile due to a combination of strong new car incentives, an ever-increasing supply of used vehicles, plus the usual concerns from consumers around EV ownership.”

Mercedes-Benz EQA (2021-)

Launched in 2021, the EQA is based on the regular GLA and is currently Mercedes’ smallest electric car. The EQA 250+ has a 70.5kWh battery for up to 346 miles of electric range, while the EQA 300 and EQA 350 have four-wheel drive and a 66.5kWh battery for up to 266 miles of range.

Mercedes-Benz EQA (2021-)

Price fall: 28.5 per cent

Derren Martin added: “Many dealers remain wary of stocking EVs, preferring to stick with traditional ICE [internal combustion] cars. Whilst the overall used car market is relatively stable, it is far more inconsistent for different EV models.”

Honda e (2020-2024)

Production of the oh-so-cute Honda e ended in January 2024, with the company confirming ‘there won’t be more cars [of its] size’. Honda essentially blamed the popularity of SUVs for the car’s demise. Its range might be a slightly disappointing 137 miles, but relatively steep depreciation makes the Honda e an attractive used purchase.

Honda e (2020-2024)

Price fall: 28.9 per cent

Derren Martin concluded: “We expect to see continued strong new car offers on EVs as the year progresses and continued increases in the supply of used vehicles. The market continues to evolve for EVs with a rapid increase in the number of models available and the ever-improving technology.”

Citroen e-C4 (2021-)

The e-C4 is the electric version of Citroen’s C4 family hatchback, which means you can expect the same level of ride comfort. It’s all thanks to the clever suspension and sofa-like seats. It was launched in 2021 with a 50kWh battery for 219 miles of range, but the e-C4 is also available with a 54kWh battery for 260 miles of range.

Citroen e-C4 (2021-)

Price fall: 29.0 per cent

According to Cap HPI figures, an e-C4 will typically lose £4,758 over 36,000 miles and three years of ownership. It’s worth remembering that the cost of depreciation may be offset by the lower running costs of an EV.

Jaguar I-Pace (2018-)

Six years on from its launch, the Jaguar I-Pace is still one of the best electric SUVs you can buy. In some areas, it’s beginning to show its age – 286 miles of range isn’t enough in an era when 300 miles is the expected target – but it looks great and is brilliant to drive.

Jaguar I-Pace (2018-)

Price fall: 29.1 per cent

At a whisker under £70,000, the Jaguar I-Pace isn’t a cheap car, but there is some good news. Firstly, Cap HPI says an I-Pace will lose around 30 per cent of its value after three years. Secondly, prices start from around £15,000. Just one of the reasons why depreciation is good news for used car buyers.

Vauxhall Mokka Electric (2021-)

The Vauxhall Mokka Electric – formerly known as the Mokka-e – arrived in 2021 with a 50kWh battery for an official 209 miles of range. In 2023, Vauxhall added the option of a 54kWh battery, increasing the range to 252 miles. That’s a significant upgrade for a premium of just £1,000.

Vauxhall Mokka Electric (2021-)

Price fall: 29.2 per cent

Prices range from £29,500 to £42,000 when you’re buying a new Mokka Electric, making it around £10,000 more expensive than the equivalent petrol versions. Cap HPI says you can expect a Mokka Electric to lose around £5,000 after three years and 36,000 miles.

Mercedes-Benz EQC (2019-2024)

The EQC was Mercedes’ first car to be launched under the all-electric EQ banner, but at the time of writing it’s no longer possible to order a new one. That’s because Mercedes-Benz is testing an all-new EQC ahead of its arrival in 2025 or 2026. Unlike the outgoing model, which used a modified GLC platform, the new car is being developed from the ground up as an EV.

Mercedes-Benz EQC (2019-2024)

Price fall: 29.7 per cent

In monetary terms, the EQC ‘achieves’ the biggest drop in value, with the car likely to shed £11,663 over the course of three years. One person’s pain is another person’s joy, however, because this makes the EQC a terrific used car purchase. You can expect up to 254 miles of range from the 80kWh battery.

DS3 Crossback E-Tense (2019-)

The DS3 Crossback E-Tense, now known as the DS3 E-Tense, shares a platform and battery with the decidedly less French Vauxhall Mokka Electric. Before the change of name, the DS3 offered 193 miles of range, but a new 54kWh battery has increased this to 250 miles.

DS3 Crossback E-Tense (2019-)

Price fall: 28.9 per cent

Prices start from £37,500 for a Performance Line model, rising to £40,000 and £42,000 for the Esprit de Voyage and Opera versions. Not that you should be buying a new DS3, because the depreciation means it makes better sense as a used car.

Lexus UX 300e (2021-)

The UX 300e arrived in 2021 as Lexus’ first all-electric car. Until an update in 2023, it had a 53kWh battery for 196 miles of range, but this was boosted to 280 miles courtesy of a larger 73kWh battery. Lexus also rolled out other changes, including a new infotainment system and cosmetic upgrades.

Lexus UX 300e (2021-)

Price fall: 34.1 per cent

Lexus will be hoping the updates have a positive impact on residual values, with Cap HPI saying the UX 300e loses a third of its value after three years and 36,000 miles. Used prices start from around £20,000, which is less than you’d pay for a Vauxhall Corsa with a petrol engine. Worth thinking about, isn’t it?