Rising demand sees electric cars go up in value at one year old
A shortage of electrified vehicles is driving up the price of second-hand examples, with some models increasing in value despite higher mileages
Some electric vehicles are seeing their values rise on the used market, driven by increased demand for low-emission vehicles.
A new study by vehicle data experts Cap HPI that looked at the value of a number of all-electric and hybrid models when they were one year old with 10,000 miles on the clock, and again at two years old with 20,000 miles, found that some of the electrified models had actually increased in price.
The Peugeot Ion appreciated 8.6 per cent in this time, adding £425 to its value, while the plug-in hybrid Vauxhall Ampera increased by 5.3 per cent (£725).
The Nissan Leaf is Britain’s best-selling all-electric vehicle, representing about half of all EV sales last year. Its value on the used market increased by £456, or four per cent.
Other hybrids that saw their values increase included the Toyota Yaris Hybrid at 2.6 per cent (£292) and the Lexus GS Hybrid at 0.7 per cent (£178).
Chris Plumb, editor of the Cap HPI Black Book, which tracks used car values, said: “Sales continue to soar in the EV market as drivers have weighed up the benefits of ownership, such as greatly reduced motoring costs, and other incentives around driving an alternative to petrol or diesel.
“Our latest analysis shows that drivers who buy the right EV can still make money on a sale after running it for a year and adding 10,000 miles. This will be a major factor in persuading more drivers to go down the EV road.”
A spokesman for Toyota said: “We’ve seen a huge growth in the market for electric hybrids in the last year, and that continues. It’s usually the case that increased demand for new vehicles has a positive knock-on effect in the pre-owned market, and that represents yet more value for our customers as residual values for our hybrids rise.”
A spokesman for Vauxhall, which no longer sells the Ampera as new, said: “The Vauxhall Ampera range-extender was well ahead of its time when launched in 2012 – the electric car with no range anxiety. It’s still very relevant today, so it’s pleasing to see that current owners made the right decision.”
Sales of electrified vehicles in the new car market are increasing rapidly. Although the latest figures from industry body the Society of Motor Manufacturers and Traders show that alternatively fuelled vehicles had a market share of just 5.5 per cent in January, the 9,000 vehicles sold represented a 24 per cent jump on last year.
