Electric cars losing value quicker than other vehicles despite 'lofty price tag and latest technology'
Some electric cars were found to lose a large proportion of their value after three years
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New research has found that drivers are seeing the value of their vehicles drop at a faster rate than comparable petrol and diesel vehicles.
Analysis of more than 40 million car sales found that electric vehicles fall in value by an average of £11,000 in the first three years after purchase.
Data from over 40 million car sales from valuation experts Brego found that electric vehicles lost an average of 21 per cent of their value in the first year alone.
Over time, the Renault ZOE and Audi E-Tron were found to lose the highest proportion of their original value at 63 per cent and 59 per cent respectively.
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Electric vehicles made up more than 22 per cent of the market share last month
REUTERSOther popular models which were found to lose their value after three years and 36,000 miles included the Nissan Leaf (59 per cent), Jaguar I-Pace (57 per cent) and the BMW i3 (55 per cent).
In comparison, of petrol and diesel vehicles, the Vauxhall Grandland X and Fiat 500X retained 55 per cent and 56 per cent of their value respectively over the same period.
Aidan Rushby, founder and CEO of Carmoola, said while EV owners may see the value of their vehicles drop, this can be avoided.
He urged motorists to avoid the brunt of value depreciation by buying an electric vehicle at the right time, especially if it is used.
The expert added: "Newer electric cars hitting the market with healthier battery ranges and the latest technology can come at a lofty price tag, making them inaccessible for the majority of drivers.
"By keeping a keen eye on the market, and being smart with timing your purchase, people can snap up a used EV with plenty of life left in it."
On the other end of the spectrum, a number of electric vehicles held their value including the Skoda Enyaq SUV, which lost just 30 per cent in the first three years.
The electric vehicle models that retained the most value include the Volkswagen ID.4 (56 per cent), Mercedes-Benz EQA (54 per cent), Polestar 2 (52 per cent) and the Volkswagen ID.3 (52 per cent).
According to the latest data from the Society of Motor Manufacturers and Traders (SMMT), demand for battery electric cars increased 10.8 per cent in August as buyers looked for more environmentally friendly vehicles.
More than 19,000 new electric cars were registered last month, accounting for 22.6 per cent of the total market share, ahead of plug-in hybrids and diesel vehicles.
A total of 213,544 battery electric vehicles have been registered in the year to date, marking a 10.5 per cent change compared to the same time last year.
The Tesla Model 3 was the third best selling vehicle in August, with 1,542 new registrations, while the Model Y placed in fifth (1,469).
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The Tesla Model 3 was the best-selling electric vehicle in August
X/TESLATesla has sold more than 28,500 vehicles so far this year, making it the largest EV-only manufacturer with a total market share of 2.3 per cent.