Do electric vehicles hold their value?. While any new car buyer is well and truly used to the concept of depreciation, electric cars are currently suffering a double-whammy of sharp depreciation, in part triggered by tumbling prices for new models, and an apathetic used car market in which the vast majority of buyers simply don’t want to buy the current crop of used EVs.
That particular ID. 4 was being disposed of by a finance provider, which means that a previous owner had either handed it back to clear a car finance debt, or it had been repossessed for delinquent repayments.Polestar 3 is an SUV that doesn’t want to be tallThe current situation does mean that such vehicles can make almost ridiculous bargains for those prepared to shop for them.
As the supply of new electric cars recovered, so it was inevitable that those used prices were going to fall considerably. They’ve probably over-corrected by now, and should begin to recover in the next year or two, especially if – as has been suggested – the Government introduces a used EV buyers incentive subsidy in the next budget.
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