Used electric cars such as the Tesla Model 3 and Nissan Leaf are causing prices to drop six times faster than gasoline cars.
Electric cars are falling in price on the used market. And in fact, it goes so fast that they lose their value six times faster than equivalent petrol cars.
This is shown by a new survey from iSeeCars .
It is especially used Tesla Model 3, Nissan Leaf, Hyundai Kona Electric and Kia Niro EV that have caused the market to collapse in the past 12 months.
Looking at the raw numbers, electric cars have lost 24.7 percent of their value in the past year compared to 'just' 4.4 percent for used gasoline cars.
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At least that's how it looks when, according to iSeeCars, you compare the sales of 1.6 million used cars that were traded between August 2023 and the same period a year later.
For the hybrids, it applies that they have lost 6.6 percent of their value on the second-hand market during the period. But it doesn't look much better on the brand new car market either.
The problem here is that the car brands can't sell the electric cars they envisioned for themselves just a short time ago. Most recently, Fiat has chosen to shut down production of the all-electric Fiat 500e.
In the meantime, the Italians have plans to start production of a hybrid version. Sales of electric cars are not at all at the speed that Fiat was expected to be.
– The action is necessary due to the current lack of orders, linked to the deep difficulties that all manufacturers are experiencing in the European electric car market, says the Stellantis Group, which owns Fiat.
At the same time, drivers in several countries have the prospect that even the new electric cars will become more expensive. Several countries have decided to phase out support for electric cars completely.
However, others – including Germany and Sweden – have seen sales of electric cars fall so long that the countries' governments are now promising to partially reintroduce state subsidies for the type of car.
Read more exciting news from and about the world of cars right here!
