 have fallen by 7.4 per cent. Used electric cars started falling in price in October last year during the cost of living crisis. The situation was also worsened in January when Tesla slashed the price of its new Model 3 and Y, which accelerated falls in the EV market as other electric car prices were adjusted. Cap HIP director of valuations Derren Martin told Car Dealer the falls were down to a combination of factors including concerns about the range of EVs, reports of drivers facing long waits at charging points and rising energy prices. He said: 'Once the reductions started to happen, dealers, leasing companies and finance companies became risk averse and many even stopped buying completely. 'Since the start of the summer, EV values have started to stabilise and August saw the smallest downward movement so far this year. "Many models are now seeing adjustments more or less in line with other fuel-types of vehicles that sit in the same sector){kind=link}
ELECTRIC vehicles have lost as much as half their value in under a year as the worst offending models can be revealed.
Drivers of the cars with the worst re-sell value could find themselves seriously out of pocket by thousands of pounds.
The worst offending model was the Seat Mii electric which has lost 50.3 per cent of its value since October 2022.
While falling 44.2 per cent is the Renault Zoe and the Nissan Leaf has dropped by 42.7 per cent, according to figures from the trade price experts Cap HPI.
In overall cash terms, the EVs that have lost the most amount of money are the Audi e-tron GT, which has fallen by an average of £27,629.