Used electric cars are going up in price as demand increases – but it's a case of the smaller the better with the Renault ZOE the standout EV

Tags: #ev-ownership #ev-depreciation

New data from car classified website, CarGurus, shows that in many cases used electric vehicles have gone up in value through 2019. At the same time conventionally powered equivalents have dropped in value.

The data was collated from hundreds of thousands of UK used car listings between January and November this year, and also stretched back to 2017 in some cases. Across the board, EVs significantly out-performed petrol and diesel cars in the depreciation stakes.

Standing head and shoulders above the crowd was the Renault ZOE. For a 2015 model year car the average price was up from £6683 in January to £7612 – almost a grand more representing a 14 per cent increase. Compared to January 2017 this is an 18 per cent increase in value. An equivalent 2015 Ford Fiesta has dropped in value by a very similar margin – 13 per cent and almost a grand off of the average asking price which now stands at £7160 in 2019. Compared to January 2017 this is a 22 per cent drop.

Premium supermini electric vehicles also appreciated in value over the January to November time period. CarGurus used a 2014 BMW i3 as an example model and found that there was a one per cent increase in 2019, representing a rise of £206 from £14,800 to £15,006. On the other hand, an equivalent – yet newer – MINI hatch dropped in asking price by 14 per cent.

As you move up segment sizes there are drops in value all round, but for EVs the prices are far closer to static than those for petrol or diesel equivalents. A 2015 Nissan LEAF family hatch is worth only nine per cent less than it was at the beginning of the year – exactly the same figure as compared to January 2017 values which goes to show that the demand is consistent. A 2015 VW Golf, on the other hand, is worth 11 per cent less than at the start of the year and 17 per cent less than compared to 2017.

In the luxury segment depreciation is higher as a matter of course. However, EVs still outperform their petrol or diesel equivalents. A 2015 Tesla Model S has only decreased in value by 16 per cent compared to the average asking price in January this year – £48,961 vs £40,957. And it is worth bearing in mind that Tesla's price could bounce back as there will have been an increase in supply as Model S owners traded in their cars for new Model 3s. In comparison, a Mercedes-Benz S-Class from 2015 was down 22 per cent on January prices.

As you can see from CarGurus' figures, the best news is in the EV supermini segment which isn't wholly surprising as for many people entering the EV world, it's a small urban-biased vehicle that they're after. The simple fact is that there is significant demand for used EVs, and supply isn't as forthcoming as it is for petrol and diesel equivalents. This elevates prices where demand outstrips supply and maintains values where supply is just about keeping up.

Obviously this is great news for current EV owners, but not necessarily for those who want to get their first EV. However, with EV sales up 125 per cent this year alone according to SMMT figures, there will come a point where values will slowly begin to decrease and more people will be able to make the switch.

		CarGurus Value Jan 2017	CarGurus Value Jan 2019	CarGurus Value Nov 2019	Change since Jan 2017	Change for Jan-Nov 2019
Electric supermini car	Renault Zoe (2015 model year)	£6425	£6683	£7612	+18%	+14%
Petrol/diesel equivalent	Ford Fiesta (2015 model year)	£9165	£8184	£7160	-22%	-13%
Electric premium supermini car	BMW i3 (2014 model year)	£17,445 (Apr 2017)	£14,800	£15,006	-14% (since Apr 2017)	+1%
Petrol/diesel equivalent	Mini hatchback (2015 model year)	£10,815 (Apr 2017)	£10,253	£8862	-18% (since Apr 2017)	-14%
Electric family car	Nissan Leaf (2015 model year)	£11,512	£11,498	£10,438	-9%	-9%
Petrol/diesel equivalent	Volkswagen Golf (2015 model year)	£16,130	£13,063	£11,576	-17%	-11%
Electric luxury car	Tesla Model S (2015 model year)	£57,746 (Oct 2017)	£48,961	£40,957	-29% (since Oct 2017)	-16%
Petrol/diesel equivalent	Mercedes-Benz S-Class (2015 model year)	£50,783 (Oct 2017)	£41,213	£32,166	-37% (since Oct 2017)	-22%