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The average Battery Electric Vehicle continues to underperform the market as a whole.
That’s hpi’s view in a May car editorial which found that while the overall market fell 1% in April, BEV values fell by 4.7% at the 3 year point, equivalent to around £1,050, and by 3.8% at the 1 year point. , which equates to a drop of over £1,300.
“This was the eighth straight month of deflation for EVs, with the cumulative move during that period a remarkable 34.6% decline,” he said.
“In comparison, the price of gasoline since October last year has only fallen by -1.1%. If you’re looking for the positives for EV, there aren’t many models that have depreciated as much as before, and the average depreciation this April isn’t as severe as the previous three months, which saw 6.6%, 5.5% and 5.4% decreases. .”
Cap hpi said EVs under £20,000 were worst hit in April with prices between £15,000 and £20,000 with trading prices down 6.6% or around £1,350.
“Partly because of more volume available in the market for this car’s price range, but we’re also now witnessing a trend that some of the cheaper, mid-priced EVs are under more pressure, a direct impact of the realignment we’ve recently seen in product like the Tesla Model 3, which … now has retail ads from an initial £20,000.
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