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Used values for EVs turning into ‘two-speed market’, says Cap HPI

By / 3 weeks ago / UK News / No Comments

Used values for battery electric vehicles (BEVs) are developing into a two-speed market, with values for models under £17,000 on the rise but premium BEV values declining in the last two years.

Smaller EVs such as the Peugeot iOn have seen values improve over the last 24 months

Data from Cap HPI indicates that RVs at one year/10,000 miles for models including the Citroën C-Zero (11-19) and Peugeot iOn (11-19) have improved over the last 24 months, helped by limited volumes. In November 2017 a one year-old/10,000-mile C-Zero was worth around £6,000 and today a similar example is valued at over £11,000. The Renault Zoe is also putting in a strong performance too.

However, premium BEVs are facing challenges due to their high cost new, which makes them look expensive when entering the used market. Models such as Jaguar I-Pace (18-), Audi E-Tron (18-) and Tesla Model X (16-19) have all seen values reduce over the past few months.

Chris Plumb, senior valuations editor at Cap HPI, said: “It’s clear that there is a growing market for a used BEV at a particular price point, perhaps for use as a second car for city commutes. We expect to see demand continue to increase as clean air zones are rolled out across the country and the range of product widens.

“The premium models represent a different proposition; often with longer ranges and more features, the high purchase price at new is yet to translate in the used sector. Today a BMW i8  (13-) coupé is worth around £20,000 less at one year-old and 10,000 miles than it was two years ago. Equally the Jaguar I-Pace (18-) has seen values drop around £10,000 over the last 12 months.”

Cap also warned that values have dropped on some mainstream models due to rising volumes, including the VW Golf (14-) and Nissan Leaf (10-18), in particular, those with a 30kWh battery.

Commenting on the changes, Plumb added that the market was seeing used EV values stabilise, with models now performing against the same market pressures as their petrol counterparts.

“As supply and demand shift we see pressure on some models and, in some cases, values appreciate on others. We expect dozens of new models in 2020 and it will only bring more choice to the used buyer,” he added.

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Natalie Middleton

Natalie has worked as a fleet journalist for 16 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day. As Business Editor, Natalie ensures the group websites and newsletters are updated with the latest news.