Auction trade body warns two-month decline in EV values needs ‘close attention’

Trade value of used EVs plummets 53% in just 2 years

Heavy discounting on new electric cars is driving down the prices of nearly-new models, new analysis reveals. Cox Automotive says that residual values of used EVs up to 24 months old are being particularly affected by the push on new electric cars. Back in 2022, two-year-old electric cars held onto an average of 83 percent of their original cost new (OCN) when sold to the trade. Fast-forward three years, and they now retain only 47 percent of OC…

Auction trade body warns two-month decline in EV values needs ‘close attention’

Electric vehicles were singled out by the National Association of Motor Actions as needing ‘close attention as they fell -1.8% in June following a -2.8% decline in May. It said Tesla volumes have remained high, but with a more limited impact than previously seen. Members continue to report strong retail interest in newer BEV and plug in hybrid electric vehicle (PHEV) models, particularly where range and specification meet buyer needs. “The whole…