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Electric Car Values in Free Fall as Second-Hand Prices Halve in Two Years

by Will Jones
17 September 2024 11:00 AM

Electric vehicles are losing value at an “unsustainable” rate as a slowdown in consumer demand causes used car prices to halve in two years, leasing companies have warned. The Telegraph has the story.

The British Vehicle Rental & Leasing Association (BVRLA) warned that so-called fleet operators, such as car leasing firms and rental companies, are having to swallow large losses when reselling EVs because of “accelerated, exceptional depreciation”. 

In most cases, these companies buy new cars and own them for three years before selling them. 

Consumers who lease cars during these three-year periods effectively cover the value of losses through monthly payments, which are calculated based on estimates of how much a vehicle is expected to depreciate.

But in the past two years, the typical amount of  “residual value” left over at the end of a car’s lease has plunged from 60% to 35%, the BVRLA said. 

This means a car worth £50,000 when new will now drop to £17,500 in value over three years, instead of £30,000. 

This leaves leasing companies facing unexpected losses.

Gerry Keaney, Chief Executive of the BVRLA, has warned the trend is “not sustainable”.

Speaking at an event in Parliament on Tuesday, he said: “The reality is that EV residual values in the last two years have dropped by 50%. 

“That is the evidence of the accelerated depreciation write-off that we’ve seen. And again, when we look forward two years, the rate of used EVs coming back to the market is about to double.”

Worth reading in full.

Tags: Climate AlarmismElectric CarElectric VehiclesEVsFossil fuelsNet ZeroZero Emissions Vehicle Mandate

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