Some second-hand cars are today worth significantly less than they would have been a year ago.

And after 2023 proved an incredibly turbulent 12 months for used electric car prices, fresh market data exclusively shared with This is Money reveals that electric vehicles (EVs) continue to dominate the list of the biggest car price fallers at the moment as a result of shrinking demand.

Of the 30 second-hand models that have plunged in value in the last year, 24 are EVs. The hardest-hit year-old example is today worth 36 per cent less than it would have been 12 months ago – which translates to a financial loss of £12,000.

Here’s what the data tells us about the biggest used price fallers…

Which used cars have crashed in value? We reveal the 30 biggest price fallers compared to a year ago - and it's bad news if you own an EV

Which used cars have crashed in value? We reveal the 30 biggest price fallers compared to a year ago - and it's bad news if you own an EV

Which used cars have crashed in value? We reveal the 30 biggest price fallers compared to a year ago – and it’s bad news if you own an EV

Derren Martin, head of valuations at Cap Hpi, told us: ‘Values for used battery electric vehicles remain under pressure in the used wholesale market as supply continues to outweigh used consumer demand. 

‘This has been evident so far this year, as for the first quarter of 2024 values for EV’s at the benchmark profile of 3 years and 60,000 miles have reduced on average by 3.8 per cent, compared to petrol values that have increased by 3.6 per cent and diesel 2.6 per cent.’

Despite the decline, Derren is confident that EV demand ‘will rise’ in the future.

‘It is important to note that supply levels will continue to increase. As a result, the market may become more diverse, requiring a closer examination of how certain models perform due to the supply and demand dynamic,’ he explained.

‘However, it could be argued that there has never been a better time for consumers to consider purchasing a used electric vehicle, as they currently offer exceptional value. 

‘Whether that’s in terms of comparison against an ICE [internal combustion engine] equivalent, the potential cost of ownership savings or just considering how much car you are getting for the money.’

Below, we have listed the 10 biggest price fallers in detail based on ‘nearly-new’ cars that have been out of showrooms for a year.

The figures are ranked by biggest decline in value when comparing the sale price of a one-year-old example with 10,000 miles on the clock in February 2023 and the sale price of a year-old example of that same model with the same mileage last month (February 2024).

This is therefore a measure of deflation and not depreciation (which is when a car becomes less valuable when it gets older), which is a better measure of prices falling – and showcases just how much EV values have nosedived in the last 12 months.

All the data supplied by market-leading valuations company Cap Hpi is based on dealer and auction sale prices achieved in the months in questions.

We’ve also listed the cars from 11 to 30 that have dropped in value the most compared to a year ago.

*Own a slightly older car? Scroll to the bottom of this page to see the biggest price fallers aged three years with 30k on the clock

Biggest used car price fallers (11 to 30) from February 2023 to February 2024

11. Citroen e-C4 ELECTRIC (2020-): -30.4%/-£6,644 

12. Vauxhall Vivaro-e Life ELECTRIC (2020-): -30.1%/-£9,067

13. Mercedes-Benz EQC ELECTRIC (2019-): -30.0%/-£14,475

14. Vauxhall Corsa ELECTRIC (2019-): -29.7%/-£5,909

15. Seat Leon HYBRID (2020-): -29.3%/-£7,038

16. Cupra Born ELECTRIC (2021-): -28.8%/-£9,314

17. Audi e-Tron Sportback ELECTRIC (2019-2023): -28.7%/-£14,345

18. Hyundai Ioniq5 ELECTRIC (2021-): -28.2%/-£10,886

19. Volvo C40 ELECTRIC (2022-): -27.9%/-£11,921

=20. Peugeot e-208 ELECTRIC (2019-): -27.8%/-£5,975

=20. Range Rover Sport PETROL (2017-2023): -27.8%/-£18,214

22. Mazda MX-30 ELECTRIC (2020-): -27.6%/-£5,344

23. Peugeot e-2008 ELECTRIC (2019-): -27.5%/-£6,371

24. Mercedes-Benz EQE ELECTRIC (2022-): -27.1%/-£17,171

25. Hyundai Kona-e ELECTRIC (2018-2023): -27.0%/-£6,613

=26. Skoda Superb HYBRID (2019-2023): -26.7%/-£8,975

=26. Range Rover Sport HYBRID (2017-2023): -26.7%/-£16,575

=28. MG5 EV ELECTRIC (2020-): -26.4%/-£5,413

=28. Mercedes-Benz EQS ELECTRIC (2021-): -26.4%/-£27,625

=28. VW ID.3 ELECTRIC (2020-2024): -26.4%/-£7,393

 Source: Cap Hpi – data based on average dealer prices achieved for 1 year old cars with 10,000 miles on the clock in February 2023 vs February 2024

=9. Range Rover Evoque HYBRID (2020-present) – DOWN 30.5%

Avg price of 1-year-old, 10k-mile example in Feb 2023: £47,180

Avg price of 1-year-old, 10k-mile example in Feb 2024: £32,790

One-year price decline: -£14,390

Year-old examples of the Range Rover Evoque P300e plug-in hybrid is today worth around £14,000 less than it would have been 12 months ago, making it one of just two non-EV models in the list of biggest price fallers compared to February 2023

Year-old examples of the Range Rover Evoque P300e plug-in hybrid is today worth around £14,000 less than it would have been 12 months ago, making it one of just two non-EV models in the list of biggest price fallers compared to February 2023

Year-old examples of the Range Rover Evoque P300e plug-in hybrid is today worth around £14,000 less than it would have been 12 months ago, making it one of just two non-EV models in the list of biggest price fallers compared to February 2023

Of the top 10 one-year-old cars worth significantly less today than a year ago, number 10 is one of just two non-EV models in the rankings. It is the Range Rover Evoque – specifically the P300e plug-in hybrid variant.

While this premium SUV can cover up to 34 miles using electric power only – granted the battery is fully charged – it also has a supplementary petrol engine.

Its fall in value comes at a time when owners are facing sky-high insurance to cover these cars. Underwriters are currently quoting extortionate premiums in response to the ongoing concerns about organised gangs targeting Range Rovers to steal. We ran a quote on the Evoque PHEV for a 40-year-old with no convictions and over 20 years of no claims bonus and found the cheapest – and only quote under £1,000 – was £992 per annum. 

This could be a contributing factor for why used prices are on the slide.

A one-year-old Evoque P300e with 10,000 miles on the clock today is being sold by dealers across the UK for an average of £32,970. For the same model last year, prices were almost £14,400 higher at £47,180.

=9. Kia EV6 ELECTRIC (2021-present) – DOWN 30.5% 

Avg price of 1-year-old, 10k-mile example in Feb 2023: £46,850

Avg price of 1-year-old, 10k-mile example in Feb 2024: £32.550

One-year price decline: -£14,300

The first of the big price-falling EVs in our list is the Kia EV6. While widely rated as one of the best electric models in the market, the value of a year-old example is 30.5% lower than it would have been 12 months ago

The first of the big price-falling EVs in our list is the Kia EV6. While widely rated as one of the best electric models in the market, the value of a year-old example is 30.5% lower than it would have been 12 months ago

The first of the big price-falling EVs in our list is the Kia EV6. While widely rated as one of the best electric models in the market, the value of a year-old example is 30.5% lower than it would have been 12 months ago

Kia’s svelte electric family hatchback has won plenty of plaudits since it emerged on the UK market in 2021. A combination of handsome looks, a suave interior and claimed range of up to 328 miles has made it standout against some of its mundane rivals.

But this hasn’t shielded the EV6 from pretty dramatic levels of value deflation.

If you wanted a year-old example with 10,000 miles on the clock in February 2023, you would have needed to pay £46,850 for one. But for a 12-month-old EV6 now, you can get your hands on one for £32,550.

For owners with examples meeting the same age and mileage criteria, this means their car is worth £14,300 less now than it would have been a year ago.

8. Mercedes-Benz EQA ELECTRIC (2021-present) – DOWN 31.4% 

Avg price of 1-year-old, 10k-mile example in Feb 2023: £40,246

Avg price of 1-year-old, 10k-mile example in Feb 2024: £27,615

One-year price decline: -£12,631

Mercedes' smallest electric SUV - the EQA - is another victim of falling demand for EVs. a year-old model today is worth 31.4% less than a car of the same age with matching 10,000 miles would have sold for 12 months earlier

Mercedes' smallest electric SUV - the EQA - is another victim of falling demand for EVs. a year-old model today is worth 31.4% less than a car of the same age with matching 10,000 miles would have sold for 12 months earlier

Mercedes’ smallest electric SUV – the EQA – is another victim of falling demand for EVs. a year-old model today is worth 31.4% less than a car of the same age with matching 10,000 miles would have sold for 12 months earlier

The EQA is currently Mercedes’ smallest electric SUV and the least expensive EV model in the German brand’s line-up. However, ringing in at a shade under £50,000 new, it’s far from what you’d call cheap. 

It does offer up to 311 miles of range on a full charge, making it pretty practical, if not a tad pricey.

If you are on the hunt for a value-busting EV, buying a ‘nearly-new’ year-old EQA makes a lot of sense right now, given the deflation in price seen over the last 12 months.

If you wanted a year-old EQA in February 2023, you’d have needed to pay £40,246 for the pleasure. Fast-forward to last month and the average price has slipped by £12,600 to just £27,615. That’s a 31.4 per cent drop in like-for-like value.

7. Mercedes-Benz EQB ELECTRIC (2021-present) – DOWN 31.7%

Avg price of 1-year-old, 10k-mile example in Feb 2023: £47,250

Avg price of 1-year-old, 10k-mile example in Feb 2024: £32,275

One-year price decline: -£14,975

Another Mercedes electric SUV hammered by deflation in value is the EQB, which is down 31.7% on average values for one-year-old examples 12 months earlier

Another Mercedes electric SUV hammered by deflation in value is the EQB, which is down 31.7% on average values for one-year-old examples 12 months earlier

Another Mercedes electric SUV hammered by deflation in value is the EQB, which is down 31.7% on average values for one-year-old examples 12 months earlier

The Mercedes EQB is a slightly bigger – and more expensive – electric SUV than the EQA above. 

And like its smaller sibling, a big deflation in value in the last 12 months means owners of this car are around £15,000 worse off today than they would have been trying to sell one year ago.

For a year-old example of the boxy family EV – which has a range of up to 321 miles – in February 2023, EQBs were changing hands for an average of £47,250.

But a 12-month-old model today is worth just £32,275 as prices dropped dramatically last year and haven’t bounced back yet.

6. Land Rover Discovery Sport HYBRID (2020-present) – DOWN 32.9%

Avg price of 1-year-old, 10k-mile example in Feb 2023: £48,867

Avg price of 1-year-old, 10k-mile example in Feb 2024: £32,800

One-year price decline: -£16,067

The biggest non-EV price faller is the Land Rover Discovery Sport P300e plug-in hybrid, with year0old used values dropping by £16,000 compared to a year ago

The biggest non-EV price faller is the Land Rover Discovery Sport P300e plug-in hybrid, with year0old used values dropping by £16,000 compared to a year ago

The biggest non-EV price faller is the Land Rover Discovery Sport P300e plug-in hybrid, with year0old used values dropping by £16,000 compared to a year ago

If you thought the deflation in price of the Range Rover Evoque plug-in hybrid in joint ninth spot was bad, the Land Rover Discovery Sport with the same P300e drivetrain has been hit harder by falling values in the last 12 months.

Owners could have expected to make £48,867 when selling a year-old example 12 months ago. But if you wanted to move on a 12-month example of the same car today, the market says you would only get £32,800.

This is a dramatic £16,000 fall in values in a period of just one year.

5. Honda e ELECTRIC (2020-2023) – DOWN 33.1%

Avg price of 1-year-old, 10k-mile example in Feb 2023: £25,417

Avg price of 1-year-old, 10k-mile example in Feb 2024: £17,017

One-year price decline: -£8,400

The Honda e was launched as a small electric car - but not a cheap one. When new, it was priced at just over £37,000. A year-old example last year was valued at just over £24,500, while today a 12-month-old version of the same vehicle with 10,000 miles last year was priced at a fraction over £17,000

The Honda e was launched as a small electric car - but not a cheap one. When new, it was priced at just over £37,000. A year-old example last year was valued at just over £24,500, while today a 12-month-old version of the same vehicle with 10,000 miles last year was priced at a fraction over £17,000

The Honda e was launched as a small electric car – but not a cheap one. When new, it was priced at just over £37,000. A year-old example last year was valued at just over £24,500, while today a 12-month-old version of the same vehicle with 10,000 miles last year was priced at a fraction over £17,000

The Honda e has to be one of the coolest looking EVs on the road. Its eighties hot-hatch boxy dimensions and a contemporary cabin make it an appealing small battery vehicle – but it does also come with its limitations.

The biggest of all is its limited range. At just 137 miles, it was expensive new for such a small car (priced just over £37,000) before it was discontinued in British showrooms at the end of last year.

Owners who did fork out a big price on one might be regretting it now; the average sale price of a one-year-old example with 10,000 miles on the clock is down from £25,400 in February 2023 to just £17,000 last month.

An £8,400 hit translates to prices deflating by a whopping 33.1 per cent.

4. Volkswagen e-Up ELECTRIC (2013-2023) – DOWN 33.6%

Avg price of 1-year-old, 10k-mile example in Feb 2023: £18,150

Avg price of 1-year-old, 10k-mile example in Feb 2024: £12,050

One-year price decline: -£6,100

A fall in average price for a year-old VW e-Up is £6,100 in the last 12 months. While this might not sound much against other cars in this list, it represents a fall in value of more than a third

A fall in average price for a year-old VW e-Up is £6,100 in the last 12 months. While this might not sound much against other cars in this list, it represents a fall in value of more than a third

A fall in average price for a year-old VW e-Up is £6,100 in the last 12 months. While this might not sound much against other cars in this list, it represents a fall in value of more than a third 

While the Honda e above is a small EV that was sold new with a big price tag, the e-Up was more affordable as part of Volkswagen’s attempt draw in more customers.

The e-Up was discontinued last year, but cap hpi retains data on what the change in second-hand values has looked like in the last 12 months.

A one-year-old e-Up in February 2023 would have commanded a price of £18,150. But last month a year-old example with 10,000 miles on the clock was worth only £12,050.

This £6,100 deflation is the equivalent of a loss of 33.6 per cent in value over the course of a single year.

3. DS3 E-Tense ELECTRIC (2019-present) – DOWN 34.1%

Avg price of 1-year-old, 10k-mile example in Feb 2023: £22,096

Avg price of 1-year-old, 10k-mile example in Feb 2024: £14,563

One-year price decline: -£7,533

Given the DS3 E-Tense isn't a volume seller in the UK, its recent decline in value won't affect as many owners as some of the other cars in this list

Given the DS3 E-Tense isn't a volume seller in the UK, its recent decline in value won't affect as many owners as some of the other cars in this list

Given the DS3 E-Tense isn’t a volume seller in the UK, its recent decline in value won’t affect as many owners as some of the other cars in this list

The DS3 E-Tense is the electric version of the French maker’s DS3 compact crossover – though it’s not what you’d call a volume seller in the UK.

As such, a deflation in value of these cars should, in theory, not impact too many drivers – though you’d understandably be mad if you are one of them. 

For a year-old example of this EV in 2023, owners could expect to sell their DS3 E-Tense for just over £22,000. 

But today, a 12-month-old version of this car is valued at only £14,500, which is a massive 34.1 per cent decline in price. 

2. Vauxhall Mokka ELECTRIC (2019-present) – DOWN 34.3%

Avg price of 1-year-old, 10k-mile example in Feb 2023: £22,800

Avg price of 1-year-old, 10k-mile example in Feb 2024: £14,967

One-year price decline: -£7,833

The Vauxhall Mokka Electric's looks might standout against other EV rivals, but its fall in used value is very much on trend with the fuel type

The Vauxhall Mokka Electric's looks might standout against other EV rivals, but its fall in used value is very much on trend with the fuel type

The Vauxhall Mokka Electric’s looks might standout against other EV rivals, but its fall in used value is very much on trend with the fuel type

Vauxhall’s Mokka Electric is without question one of the most unique-looking electric SUVs on the market, with boxy proportions and short overhangs that’s unlike anything else on the market.

With an official range of up to 252 miles, it’s not the furthest-travelling model on a single charge, but good enough for those who aren’t regularly enduring long journeys on Britain’s motorway network.

Cap hpi’s data shows that a year-old Mokka Electric’s value is down 34.3 per cent in the last year alone, falling from £22,800 in February 2023 to just £14,967 last month – that’s a loss of just over £7,800.

But that’s still not enough to take number one spot in this list… 

1. Lexus UX ELECTRIC (2020-present) – DOWN 36.1%

Avg price of 1-year-old, 10k-mile example in Feb 2023: £33,250

Avg price of 1-year-old, 10k-mile example in Feb 2024: £21,256

One-year price decline: -£11,994

The Lexus UX 300e is the year-old used car that has suffered the most significant deflation in value over the last year, cap hpi told us

The Lexus UX 300e is the year-old used car that has suffered the most significant deflation in value over the last year, cap hpi told us

The Lexus UX 300e is the year-old used car that has suffered the most significant deflation in value over the last year, cap hpi told us

The Lexus UX 300e is the second-hand car that’s fallen in value most in percentage terms compared to a year ago.

If you owned a year-old example of this electric SUV with 10,000 miles on the clock in February 2023, it would have been worth around £33,250.

But for those with an UX fitting this age and mileage today, average sale prices at dealers and auctions are down to £21,250.

That’s a financial loss of £12,000 over a 12-month period. Once factoring in depreciation, this compact premium EV will have taken a toll on owners’ wallets. 

What about older cars? These are the biggest price fallers for 3-year-old models with 30k on the clock 

Biggest 3-year-old (30k miles) used car price fallers from February 2023 to February 2024 
Car  Feb23 price Feb24 price £ movement % movement
Lexus UX ELECTRIC (2020-present) £26,238 £16,775 -£9,463 -36.1%
Seat Mii ELECTRIC (2019-2022) £13,350 £8,675 -£4,675 -35.0%
VAUXHALL Mokka-E ELECTRIC (2020-present) £18,963 £12,488 -£6,475 -34.2%
DS3 E-Tense ELECTRIC (2019-present) £18,033 £11,875 -£6,158 -34.1%
Land Rover Discovery Sport HYBRID (2020-present) £40,933 £27,183 -£13,750 -33.6%
Mercedes-Benz EQA ELECTRIC (2021-present) £33,100 £22,025 -£11,075 -33.5%
Honda e ELECTRIC (2020-2023) £20,100 £13,475 -£6,625 -33.0%
Kia Soul EV ELECTRIC (2014-2019) £15,650 £10,550 -£5,100 -32.6%
Range Rover Evoque HYBRID (2020-present) £38,914 £26,529 -£12,386 -31.8%
Mercedes-Benz EQC ELECTRIC (2019-present) £40,100 £27,663 -£12,438 -31.1%
Vauxhall Grandland X HYBRID (2019-present) £20,260 £14,070 -£6,190 -30.5%
Hyundai Kona Electric ELECTRIC (2018-2023) £20,192 £14,042 -£6,150 -30.5%
Citroen e-C4 ELECTRIC (2020-present) £17,817 £12,417 -£5,400 -30.3%
Vauxhall e-Vivaro Life ELECTRIC (2020-present) £25,100 £17,550 -£7,550 -30.1%
Range Rover Sport HYBRID (2017-2023) £52,740 £37,020 -£15,720 -29.8%
Vauxhall Corsa-e ELECTRIC (2019-present) £15,565 £10,925 -£4,640 -29.8%
Volvo XC40 HYBRID (2019-present) £31,450 £22,210 -£9,240 -29.4%
Seat Leon HYBRID (2020-present) £19,950 £14,094 -£5,856 -29.4%
Kia Soul EV ELECTRIC (2019-present) £23,800 £16,850 -£6,950 -29.2%
Volkswagen e-Up ELECTRIC (2013-2023) £14,250 £10,100 -£4,150 -29.1%
Range Rover Sport PETROL/DIESEL (2017-2023) £54,382 £38,736 -£15,645 -28.7%
Citroen C5 Aircross HYBRID (2019-present) £21,775 £15,550 -£6,225 -28.6%
DS Crossback HYBRID (2019-present) £24,733 £17,689 -£7,044 -28.5%
Audi e-tron Sportback ELECTRIC (2019-2023) £43,546 £31,223 -£12,323 -28.4%
Peugeot 3008 HYBRID (2019-present) £25,319 £18,281 -£7,038 -27.8%
Peugeot e-208 ELECTRIC (2019-present) £16,925 £12,229 -£4,696 -27.7%
Jaguar I-Pace ELECTRIC (2018-present) £31,292 £22,642 -£8,650 -27.7%
Mazda MX-30 ELECTRIC (2020-present) £15,913 £11,538 -£4,375 -27.5%
Range Rover Sport DIESEL (2017-2023) £53,182 £38,491 -£14,691 -27.5%
Peugeot e-2008 ELECTRIC (2019-present) £18,450 £13,379 -£5,071 -27.4%
Source: Cap Hpi – data based on average dealer prices achieved for 3 year old cars with 30,000 miles on the clock in February 2023 vs February 2024

CARS & MOTORING: ON TEST

This post first appeared on Dailymail.co.uk

You May Also Like

How to check the planning rules when doing a home extension

The dilemma is chicken and egg. You think that the house you…

Government refuses to back proposals to try and fix Child Trust Fund lockout

Plans to make it easier for the parents of disabled children to…

Virgin Red: How does the reward scheme stack up to others?

Virgin Red is one of the newest rewards club to hit the…

British Airways hoping to recruit 4,000 new employees by next summer

British Airways could recruit 4,000 employees by next summer in a huge…