Used electric car prices crater as much as 40% in value, data suggests

Used electric vehicles are seeing an unprecedented drop in value this year, with one EV model plunging by as much as 40%, while internal combustion engine cars have become more valuable, according to an exclusive report from UK newspaper the Daily Mail.

Using data from car valuations company cap hpi, the report names 20 “second-hand cars” that have seen the biggest drop in prices, and 20 of the largest value risers from January through June of 2023. All 20 fallers are electric vehicles, while none of the 20 risers are. 

Listing the price changes in British pounds, Just the News converted the Daily Mail's figures into USD.

For EV’s, the Hyundai Ioniq, Nissan Leaf, Hyundai Kona, Kia Soul, and SEAT Mii Electric were among the biggest losers and are listed below.

• Hyundai Ioniq: -33.1% (-$7,831)
• Nissan Leaf -33.2% (-$7,944)
• Hyundai Kona -33.5% (-$9,556)
• Kia Soul -36.7% (-$8,537)
• SEAT Mii Electric -40% (-$7,446)

Tesla Model S, Honda e, and BMW i3 were also listed among the "biggest used car price fallers."

The outlet notes in its report that the mammoth EV company Tesla did not fall into the top 10 biggest losers because US brand electrics "dramatically declined in the final months of 2022," and the data for the cars in the article begins in January of 2023.

Business Insider reported in December that used Tesla's were dropping in value four times faster than other brands of used cars in the market. Some models dropped by more than $11,500 between July and November of 2022.

The Daily Mail also used cap hpi data to reveal the top 20 cars that have risen in value, which are all reportedly non-electric. The five largest risers are listed below.

• BMW 2 Series Convertible PETROL: +17.6% (+$3,768)
• Vauxhall Mokka PETROL: +16.6% (+$2,444)
• Mercedes-Benz SL Class: +15.7% (+$7,927)
• Mazda MX-5: +14.8% (+$2,671)
• Hyundai i30: +14.1% (+$2,224)

Other combustion engine models like the Suzuki Baleno, BMW 2 Series Convertible DIESEL, and Volvo V40 also made the list for increasing notably in value. All year models for vehicles in both lists range from 2012-2023. 

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