The used cars that are falling most in value compared to a year ago have been revealed – and it’s painful reading if you own an electric vehicle.
Auto Trader’s latest Retail Price Index update for February shows that five of the top six second-hand depreciators are battery electric models, some of which have fallen in price by as much as a fifth in the last 12 months.
The online car sales platform has also listed which models have gone up in value most dramatically compared to February 2022 – but is one of them the motor that’s parked on your driveway?
Pulling the plug on EV values: Five of the top 10 biggest used car fallers in February are battery models, including a British electric vehicle with prices down more than a fifth
According to the latest data from Auto Trader, the average retail value of a used car was £17,654 last month, which is 1.3 per cent higher year-on-year.
It also marks the 35th month of consecutive price growth in the sector as demand for second-hand motors shows no sign of waning yet.
Auto Trader’s director of data and insight, Richard Walker, said: ‘The strong level of demand in the market, coupled with the ongoing shortfall in stock fuelled by the dearth in new car supply, is keeping second-hand car prices stable and supporting a healthy and profitable used car market.
‘And with no indication of these dynamics shifting anytime soon, we remain confident for the months ahead.’
But there are some cars that are bucking the trend and falling in value – some of them dramatically.
And its electric vehicles that are struggling to hold their value.
Topping the list of biggest deprecators is the battery-powered Jaguar I-Pace, which has dropped by a massive 21.8 per cent in that last 12 months, according to Auto Trader.
The I-Pace was closely followed by other EVs, with the Volkswagen ID.3 and Tesla Model 3 down 17.2 per cent and 17.1 per cent respectively.
Also in the top ten is Tesla’s larger Model S saloon (down 12 8 per cent) and the Audi e-tron luxury SUV, which has dropped by 16 per cent.
The Vauxhall Mokka (9.9 per cent) also featured among the top 10 biggest fallers.
While the latest version is available with combustion engines and the option of an electric powertrain, the data is based mostly on the first-generation model that wasn’t sold as an electrified variant.
The remaining four cars in the list are all crossovers or SUVs, and predominantly those with diesel engines.
Below is the list of the 10 biggest used car price fallers in February compared to a year ago. And we’ve also listed the largest risers so you can check if your vehicles features in either.
Biggest used car fallers compared to February 2022
1. Jaguar I-Pace
Jaguar’s only electric model is the biggest price faller among used cars. Average advertised prices are down 21.8% on this time last year
Avg advertised price Feb23: £42,989
Price drop compared to Feb22: -21.8%
Jaguar’s I-Pace was launched back in 2018 and, despite the British brand’s promise to be an electric-only luxury car maker from 2025, remains its only fully electric car.
It has a maximum claimed driving range of 292 miles.
Used prices are down 21.8 per cent year-on-year with average advertised prices now down to £42,989.
2. Volkswagen ID.3
The VW.3 is still relatively expensive for a used medium-sized hatchback, but this EV has dropped in value dramatically in the last 12 months
Avg advertised price Feb23: £30,711
Price drop compared to Feb22: -17.2%
If you want a family hatchback with a VW badge, you have the choice of the long-running Golf of the fully electric ID.3.
Battery range depends on size, with official distances between charges of 200 miles to an impressive 340 miles. VW also recently announced a facelifted version due this year.
Despite still being relatively expensive on the used market, second-hand prices are down to £30,711, which is a 17.2 per cent drop on February 2022.
3. Tesla Model 3
Tesla’s decision to slash new car prices earlier this year has taken a toll on used values – even for its most popular vehicle, the Model 3
Avg advertised price Feb23: £35,603
Price drop compared to Feb22: -17.1%
Second-hand values of Tesla cars have been hammered by the brand’s decision to slash new prices earlier this year.
A decline in demand for the US EVs is also having an impact on used values, and this is taking a toll on its most popular car, the Model 3.
The average used price for this compact family saloon is down 17.1 per cent compared to a year ago, down to £35,603.
4. Audi e-tron
Audi’s e-tron electric SUV might have declined 16% in value in the last 12 months, but the average used example listed for sale is still priced high at over £47,000
Avg advertised price Feb23: £47,554
Price drop compared to Feb22: -16%
While a 16 per cent decline in used prices for the electric Audi e-tron SUV is a big drop, the average advertised price for one of these premium battery models is still in excess of £47,000.
The e-tron remains Audi’s flagship electric SUV, offering a maximum ‘official’ driving range of 292 to 321 miles depending on spec.
5. Hyundai ix35
Some SUVs are definitely seeing a dip in demand on the used market. This is true of Hyundai’s ix35, which has fallen by 13.4% in the last 12 months
Avg advertised price Feb23: £7,065
Price drop compared to Feb22: -13.4%
The ix35 is no longer available as a new car in Hyundai dealerships. That’s because it’s been replaced by the Tucson.
While not the most exciting crossover you will ever see, it’s very practical and the build quality is more than respectable.
The average second-hand advertised price is now down to a shade over £7,000, which is a 13.4 per cent decline compared to a year ago.
6. Tesla Model S
Tesla’s Model S is also suffering a dip in demand and average used value, falling by 12.8% in February 2023 compared to the same month a year earlier
Avg advertised price Feb23: £40,579
Price drop compared to Feb22: -12.8%
The Model S is the car that really put Elon Musk’s brand on the map in the UK. But they’re not cheap, even when you’re buying a used example.
It has been available in the UK since 2014, so there are plenty of examples of the second-hand market. And this might be a contributing factor for why used values are dropping.
The average advertised price in February was just over £40,500, which is down 12.8 per cent on the same time a year ago.
7. Vauxhall Mokka
Sellers are currently asking for just under £12,000 for the average second-hand Mokka. which is almost 10% less than they were in February 2022
Avg advertised price Feb23: £11,717
Price drop compared to Feb22: -9.9%
Vauxhall’s current-generation Mokka is sold with an electric Mokka-e version, but the averages used values powering Auto Trader’s data is based on the first-generation car (pictured), which wasn’t sold with a battery that drives the wheels.
Average used advertised prices are down almost 10 per cent compared to a year ago.
Sellers are asking for just under £12,000 for the average second-hand Mokka.
8. Audi SQ5
The Audi SQ5 is powered by a mighty V6 diesel engine, which might explain why used values have taken a downturn
Avg advertised price Feb23: £31,911
Price drop compared to Feb22: -9.6%
Big, powerful, luxurious and plenty of badge appeal; you would think the Audi SQ5 would be a used model in high demand.
However, this high-performance German SUV is powered by a mighty V6 diesel, which might be why demand is on the downturn.
Average listed prices have fallen 9.6 per cent between February 2022 and 2023, with sellers wanting in the region of £32,000.
9. Mini Paceman
Mini killed off the Paceman in 2016. Used values have dropped by 9.2% year-on-year, meaning the average second-hand price is now below £10,000
Avg advertised price Feb23: £9,858
Price drop compared to Feb22: -9.2%
Mini’s Paceman was a coupe version of the Countryman SUV, offering larger-than-Mini proportions but with a sloped roof and more stylish looks. It was on sale between 2013 and 2016 before being removed from the Mini range entirely.
There are practicality limitations with the Paceman, notably the lack of interior space for what is a relatively large family car.
Demand for them on the used market seems to have dipped, with the average second-hand list price dropping below £10,000 in February.
10. Land Rover Discovery 4
Land Rover’s Discovery 4 isn’t the most dependable of SUVs on the used market, regularly propping up car reliability surveys. With Britons looking to save money during the cost-of-living crunch, this might be a car many are choosing to avoid expensive repairs
Avg advertised price Feb23: £18,408
Price drop compared to Feb22: -9.1%
To say the Land Rover Discovery 4 isn’t the most dependable workhorse might be a bit of an understatement. This is a car that’s repeatedly propped up the rankings of reliability surveys – not great news for owners and prospective buyers during a cost-of-living crisis and looking to avoid expensive repair bills.
With most Discos having a diesel engine, this is another factor that could be hitting used values.
They’re down 9.1 per cent in the last 12 months, with average second-hand prices dipping to £18,400.
