Top 10 EVs that depreciate the fastest revealed

Thanks to the long factory lead times for new cars taking up to one year for some models, the used car market is currently experiencing a boost. The latest figures from the Society of Motor Manufacturers and Traders (SMMT) revealed that the UK used car market grows 5.1% in Q1 2022 with 1,774,351 cars changing hands. 

But how do electric vehicles stack up when it comes to retaining value?

To find out, car warranty experts MotorEasy analysed the price of popular models of new EVs and compared them against the average price of a 2019 version purchased secondhand - revealing the top ten electric cars that depreciate the fastest.

The Kia Soul almost halved its value in just three years

Taking the top spot on the list is the Kia Soul which lost 49% of its value in 2022 compared to the 2019 version. The SUV 4x4 saw the most severe drop in price, losing on average £17,851.

The latest version of the Kia Soul EV has an impressive 280-mile driving range from its powerful 64kWh battery. It was one of the first EVs that made it over to the UK and was also available in a petrol version but has now switched to all-electric only. 

Tesla models depreciate the least in value

If you were wondering which EV you should choose to avoid losing your hard-earned cash, the Tesla Model 3 Standard version didn’t quite make it into the top ten list as it dropped by only 15% in three years.

You can pick one up now for £48,590 brand new whereas, on a 69 plate, they average £41,348 losing just over £7,000. So if you can afford to pay a little more, buying new is a worthwhile acquisition that holds its value.

Two more Teslas take the number 10 spot on the list; the Tesla Model 3 Long Range and Tesla Model X. Both EVs dropped by just 20% in three years, making them a wise buy if you’re looking for a new car.

The Tesla Model 3 is available for £57,590 and offers an impressive 374-mile range, 70 miles more than the standard version.

The Tesla Model X is only available on pre-order at the moment for its latest version but offers an estimated range of 348 miles and 0 to 60mph in just 3.8 seconds for around £95K.

Duncan McClure Fisher, CEO at MotorEasy said: “Buying a new car at the moment is quite a challenge, thanks to waiting lists and inflated prices. While it’s difficult to predict when these supply issues may abate, if you’re in the position to keep your current car a little longer, it could be a sensible option. If you’re happy buying used, a car two or three years old can save you a fortune. Try to find a motor with low mileage and a fair price and get it checked out by a mechanic to be safe, especially if you’re buying privately.”

“Remember though, that a car will likely fall outside of its manufacturer warranty period if it is older than 3-years. If this is the case, we would recommend purchasing an extended warranty to protect yourself against unexpected expensive repairs. A warranty will also protect you