Electric Car Value Crash!..

The year 2024 witnessed some significant electric car value losses in a period of manufacturer price realignments and buyer uncertainty. Price realignments were largely driven by new Chinese manufacturers entering the UK market with models at attractive price points and manufacturer ZEV production targets which could lead to tough £15,000 per car fines if targets are missed.
According to motor industry trade magazine CarDealer, the average value loss in the first year of ownership was a little under 34%. We exclude from this figure highest fall in value of Fisker, who went into bankruptcy in June and the Fisker Ocean fell by 67% of its value in just 12 months.
The top ten biggest value falls in 2024 were
1. Fisker Ocean 67.2%
2. Honda e:NY1 40.5%
3. Jeep Avenger 37.9%
4. Toyota bZ4X 34.6%
5. Citroen C4X 34.3%
6. Subaru Solterra 34%
7. SsangYong Korando 31.5%
8. Hyundai Kona 31.2%
9. Genesis GV60 30.7%
10. DS DS4 29.2%
These statistics were based on 73 plate cars with 10,000 miles on the clock and data was researched and provided by CAP HPI.
The average loss of those within the 2nd - 10th places in this list was a staggering and painful £11,000.00. The majority of these losses took place in the first half of the year whilst the second half delivered a more stabilised performance. So, what next in the electric vehicle story in 2025? Watch this space.
If you are considering purchasing an EV, do consider protecting an unplanned and unexpected loss when a write off occurs. Gap Insurance can be a low cost option to help overcome risks beyond your control. Call 01438 870615 for more information.
Author
www.car2cover.co.uk
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