Electric vehicles (EVs) are experiencing a significant decline in value, with some brands experiencing a loss of up to 50% in just 12 months. In particular, the Seat Mii Electric tops the list of 30 electric vehicles that have seen a significant price drop over the last year.
Last year, for example, you could buy a year-old Seat Mii with 10,000 miles on the clock for around £19,650. However, today a 12-month-old Mii with the same mileage is listed for just £9,775, a massive 50% loss in value in just one year. This devaluation was described as “seismic” by Derren Martin, head of valuation at cap hpi.
Several factors contributed to this price drop. The cost of living crisis, the energy crisis, the oversupply of electric vehicles in the UK market and growing concerns about electric car prices have all played a role. Additionally, rising costs and confusion surrounding charging infrastructure have caused many drivers to postpone their decision to switch to electric vehicles. The Society of Automobile Manufacturers and Traders has also highlighted concerns about costs and fees as reasons why private buyers stopped buying electric vehicles in the second half of the year.
Despite this devaluation, the government’s commitment to transport electrification remains strong. Recently, the ban on sales of new gasoline and diesel vehicles was postponed to 2035. These issues are expected to be resolved as the market matures and electric vehicles become more affordable and attractive to consumers.