New research has shown that electric cars are declining by 41% in value over their first three years.
Research released by DoneDeal has said that on average a new car purchased three years ago in Ireland will depreciate by a third, but electric and diesel vehicles decline by 41% and 43% respectively.
RTÉ reports that DoneDeal’s research shows that cars retaining their value the best are petrol.
Martin Clancy from DoneDeal said, “The biggest impact on Electric Car resale value appears to come down to technology, which is changing rapidly.”
“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 deprecation of battery life and performance linked to the value of the vehicle itself,” Clancy said, according to RTÉ.