A CHEAP nearly new electric vehicle with the “biggest drop in value” should be snapped up now, an expert says.
Motoring expert and chief content officer at Carwow Matt Watson has given his advice if you’re in the market for an EV.
Electric cars are becoming more popular across the country as more models are released and consumers get more choice.
In one recent video, Matt shared that many second-hand electric cars are depreciating in price very quickly.
He states the Citroen C4X is the singular motor that has lost the most value over the last year.
Matt said: “The electric car that has seen the biggest drop in value over the last year is the Citroen C4X. Twelve months ago, you’d have got £25,890 for a one-year-old car with 10,000 miles on the clock. Now, though, that value has dropped to just £17,458. That’s £8,433 less and a drop of 32.6 percent.
“Electric versions of the C4 hatchback have also dropped over the last year, although by just £4,356, or 23.7 percent. But, it turns out that petrol and diesel versions of this car remain much more stable in terms of their trade-in values. The value of petrol engine C4s dropped by just over £3,600 and the diesel dropped by just over £2,200.”
Matt also shared that the electric version of the BMW4-Series had also seen a steep decreasing, losing about 12 per cent more than the petrol equivalent.
He said: “The trade-in value of a one-year-old car with 10,000 miles has dropped by 14.1 percent. That works out at the car being worth about £6,330 less than it would have been a year ago.
“It’s not so bad for the petrol and diesel-powered 4-Series though. Even though the Grand Coupe versions use the same chassis, body and interior as the electric i4, their values have stayed much more stable. A comparable petrol 4-Series Grand Coupe has only dropped in value by 2.3 percent, or £850 since 2023.”
It comes as Chinese electric car manufacturers are exporting ultra-cheap motors to the British market.
And one Chinese car maker is set to launch an ultra-cheap electric hatchback with a 165-mile range into the UK market.
The Leapmotor T03 supermini and the C10 SUV, will be available from March next year.
The supermini is a five-door which can travel 165 miles and boasts a lower price point than other EVs selling in the UK – and is likely to be priced at £17,200.
All cars will need to be electric, or zero-emission, by 2050, to meet the net-zero emissions target set by the UK government.
