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Electric Cars Lose Value in March, Petrol-Powered Convertibles Gain

March 30, 2023•1 min read

Introduction:

A recent article in Car Dealer Magazine reported March saw, electric cars dominate the list of vehicles that lost the most value, while petrol-powered convertibles saw their values grow by hundreds of pounds, according to data from valuations experts Cap HPI.

The recent slide in EV values appears far from over, as prices continue to decline.

Cap HPI's data revealed that used car prices increased by 0.5% in March, marking a new record and three months of increases in the first quarter.

However, if pure-electric car prices were excluded, the increase would have been 0.8%.

Electric vehicle values slid by 5.4% in March. The Seat Mii Electric experienced the largest percentage drop, with its value plummeting by 11.7% at the three-year/60,000-mile mark.

In contrast, the Suzuki Baleno saw the largest increase in value, with prices rising by 12.2% at the same benchmark.

Despite high prices for petrol and diesel cars, Cap HPI's Derren Martin noted that there are some relative bargains to be found in the EV market.

You can read the full article here

Pete Withers

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