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Gloucestershire Business News

Electric vehicles: who's top of the flops?

With a 4.1% drop in value this month, values for used electric cars (EVs) continue to take a hit, the average windscreen sticker for models available showing a drop of between £800 to £1,000.

And if you invested in an electric Nissan van for your business, maybe stop reading here.

With values on popular models taking a wholesale hit, Nissan's eNV200 van figures as the sole commercial option to make a new top-ten chart of the worst losers.

Auto analysts at valuers cap hpi say the latest percentage drop can be measured against an overall used value suppression of 1.2% in May – and that several models of EV remain priced above where the market expects them to be, spelling further likely reduction.

As reported in Car Dealer Magazine, cap hpi's data compiled a list of the ten highest depreciators, which showed Nissan's eNV200 van was down 6.9%, Volkswagen's e-Up dropped by 7.7%, Vauxhall's Corsa, Smart's ForFour Electric and Kia's Soul by 7.8% and Mercedes' AMG C Class by 8%. In third position for value lost was Seat's Mii electric, down 8.7%, Peugeot's e-208, by 8.8%, beating it to second spot. Finally, Renault's Zoe received the ignominy of being clearly the worst seller of the month, transaction data showing a 9.7% loss.

cap's figures come on the back of a warning from the Vehicle Remarketing Association that used values on EVs may fall by a further 5-10% in the next few months.

Dean Bowkett, of Bowkett Consulting said: "The one unbreakable rule of the used car sector is that you can't buck supply and demand, and consumer interest in EVs remains muted against a backdrop of rising supply.

"We could soon be in a situation where for mainstream cars that are available with both petrol and electric drivetrains, the latter is marginally cheaper."

Mr Bowkett was making a forecast of market trends for the VRA, wjhich also heard that an imbalance between used EV supply and demand continues, despite recent dramatic falls in value.

Rupert Pontin, vice chair at the VRA, said: "The future of EVs in the used car market is very much a live debate within our organisation."

Some believe that supply and demand is now balanced and can point to rising values for some models that appear to be underpriced, he said, while others believe further falls in value will happen.

"Given the swingeing reductions seen over the last year, there is an extreme degree of caution in the market."

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