Electric Car Resale Values Plunge By 41% In 3 Years In Ireland

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According to a new report from Done Deal, Ireland’s largest classifieds site, and first reported by Raidió Teilifís Éireann Newselectric automobiles across Ireland, on average, lose 41% of their value over the first three years.

Done Deal said a new vehicle purchased three years ago in the country will depreciate by 33%, however, for electric and diesel cars, that figure is 41% and 43%, respectively.

Done Deal found gasoline cars hold more value over the first three years than any other types. After the three years, gasoline cars lost 24% of their value, while Hybrid engine vehicles depreciated by 26%.

“The biggest impact on Electric Car resale value appears to come down to technology, which is changing rapidly,” said Martin Clancy from DoneDeal.

“Electric cars produced even in 2016 have a much shorter range and fewer features than the newer models. As the Financial Times recently pointed out the retention value of electric cars is still a relatively new area, with concerns over the depreciation of battery life and performance linked to the value of the vehicle itself.” – READ MORE

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