The 30 used EVs that have plunged most in value in 2023 with some year-old cars worth only half as much

Without question, this year has been a turbulent one for used electric vehicle (EV) prices.

The value of second-hand battery cars have taken a battering as a result of falling demand, increasing supply entering the market and more appealing deals on brand-new electric models.

As such, some have seen their second-hand prices compared to 12 months earlier slashed almost in half.

We exclusively disclose which 30 EV models have been hit hardest – and by how much their used value has dropped off a cliff edge in 2023. 

Unplugging the value of ‘nearly-new’ electric cars: It has been a turbulent year for EVs, with the average price of one-year-old examples plummeting from the start of 2023 to now. We disclose which 30 models have been hit hardest by declining demand

The used EV market took its downward turn in October 2022 and for much of this year has hurtled into a decent that has cost owners thousands of pounds if they opted to sell now instead of 12 months earlier.

It is because of a perfect storm that has pummelled second-hand electric car demand.

Taking a combined toll includes the spending impact of the cost-of-living crisis, sky-high energy prices, fresh scrutiny of electric cars in mainstream media, an oversupply of EVs entering the used market and Tesla’s decision to slash new model prices at the beginning of the year.

Derren Martin, head of valuations at Cap Hpi said: ‘EV values have been under intense pressure since October of last year, and this is reflected in the value drops that can be seen in the data, with many models losing around 40 per cent of their value. 

‘The reasons for this are the increased volume of used vehicles available in the market, and high previous used prices, particularly when compared to ICE [internal combustion engine] equivalent vehicles. 

‘We also see a drop off in demand due to cost, cost of electricity, particularly at non-home based charge points, some range anxiety and generally the more complicated ownership of an EV compared to ICE.’

Derren says the worst looks to be over for used EVs, though, with second-hand prices now starting to level out having endured a year of spiralling.

He says many EV models are ‘seeing adjustments more or less in line with other fuel types’. This is due to price hitting such low levels that consumers have seen some electric cars as a good-value alternative to a petrol or diesel equivalent.’

The 30 biggest used EV price fallers of 2023 

Below, we disclose the biggest fallers in value over the last 12 months for ‘nearly new’ EVs using data supplied by Cap Hpi.

The figures are based on the most substantial declines in value by comparing the sale price of a one-year-old example with 10,000 miles on the clock at the start of 2023 and the sale price of a year-old example of that same model with the same mileage as we see out December.

This is therefore a measure of deflation and not ‘depreciation’ (which is when a car becomes less valuable when it gets older), highlighting just how much the price of EVs has nosedived in the last 12 months.

We’ve listed the worst impacted EV models ranked from 30 to 11 then counted down the 10 biggest value fallers in 2023.

10. Renault Zoe (2019-present) – down 39% 

The Renault Zoe offers compact dimensions and impressively long range of up to 245 miles on a single charge. But despite all the positives, the average value of a year-old car has fallen by over £7,800 in the last 12 months

It’s no surprise that many early EV adopters on the hunt for a small – relatively affordable – battery car for nipping around town bought Renault Zoes, which remains one of the best compact car packages there is.

However, it hasn’t been able to escape painful deflation in the last 12 months, meaning owners are set to lose out of thousands if they sell now.

At the end of 2023, a year-old Zoe with 10,000 miles on the clock is worth just over £12,250. But that’s £7,800 less than a 12-month-old example with the same mileage was selling for at the beginning of the year, says cap hpi.

9. Vauxhall Corsa-e (2019-present) – down 39.3% 

appreciate the Renault Zoe above, Vauxhall’s Corsa-e supermini is practical and has a relatively long range for a small car. But the average price of a year-old example has dropped by almost 40% in 2023

Vauxhall’s Corsa is one of the most popular cars on our road, but this fact hasn’t helped the electric Corsa-e hold its value better than rival battery-powered models.

Despite the recent success of the Corsa model line – which sees it second overall in 2023 for new car registrations – the electric version of the popular supermini wasn’t among the 10 best-selling EVs last year.

And demand for used examples seems to be dwindling, as the value of a one-year-old version with 10,000 miles on the clock has fallen £8,800 lower than what it was at the beginning of 2023, meaning a price fall of 39.3 per cent in 12 months.

8. Mazda MX-30 (2020-present) – down 40% 

The Mazda MX-30 is certainly stylish and well built, but a 124-mile range makes it an expensive compromise for families. This might partly explain why nearly new examples have fallen in price by 40% in 2023

The MX-30 is Mazda’s attempt to wade into the compact electric SUV market with a stylish retro design and suicide doors.

But there is one limiting factor of this family-friendly Japanese EV and that’s its range. At an official 124 miles, it far shorter than rivals and could be one of the main reasons why second-hand buyers are giving them a wide birth.

At the beginning of 2023, the average year-old example with 10,000 miles on the odometer was selling for £23,613. But 12 months later – and a huge crash in EV prices – has seen average sale values slip by over £9,400 to just £14,175.

7. Nissan Leaf (2017-present) – down 40.2% 

Nissan’s British-built Leaf is one of the best family EV models at the lower end of the market, yet nearly new cars have taken a big hit in the last 12 months. appreciate-for-appreciate prices have dropped a massive 40.2% – almost £10,000 – since the start of 2023

Built in Sunderland and among the most popular electric cars since it first hit showrooms, Leaf has been a success story for Nissan, not least with the arrival of the second-generation car just over half a decade ago.

Depending on battery size, customers were promised a range of 168 to 239 miles between charges for a practical hatchback that could easily accommodate a small family.

But the used value of a Leaf has fallen dramatically than most other EVs. At the beginning of 2023, a year-old model with average mileage would have cost £24,775 but fast-forward to December and the used prices for a 12-month-old example have slipped to just £14,861 – deflation of 40.2 per cent, or almost £10,000.

6. Jaguar I-Pace (2018-present) – down 40.4% 

Jaguar’s I-Pace is starting to feel long in the tooth by today’s EV standards. This might explain why the average price for a year-old example has dropped by 40.4% – the equivalent of £21,000 – in 2023

When the Jaguar I-Pace arrived in 2018, it set new standards for European-made EVs, becoming the first proper challenger to the might of Tesla. But five years on, Jaguar has barely updated the I-Pace and its 292-mile range, and as a result it now feels long in the tooth compared to newer rivals.

This might explain the dramatic drop in value for year-old models, according to Cap Hpi’s data.

It shows that a 12-month-old I-Pace at the start of 2023 would have cost a buyer £52,060. However, if they went on the hunt for a year-old electric Jag today, they can expect to see them advertised for £21,000 less, with nearly-new values shrinking by 40.4 per cent. 

5. Vauxhall Mokka-e (2020-present) – down 40.8% 

The Vauxhall Mokka-e certainly stands out with its bold looks and funky colour combinations. Yet, that has been enough to protect it from sizable deflation, with a year-old example worth £11,000 less at the end of 2023 compared to the start

Vauxhall’s Mokka Electric is without question one of the most unique-looking electric SUVs on the market, with boxy proportions and short overhangs that’s unlike anything else on the market.

With an official range of up to 209 miles, it’s not the furthest-travelling model on a single charge, but good enough for those who aren’t regularly enduring long journeys on Britain’s motorway network.

Cap Hpi’s data shows that a year-old Mokka-e’s value is down 40.8 per cent in the last year alone, falling from £26,961 at the beginning of 2023 to just £14,950 by December – that’s a loss of £11,000.

=3. Mercedes-Benz EQA (2021-present) – down 41.2% 

The Mercedes EQA is the most affordable new electric Merc in showrooms today, but this hasn’t saved it from a dramatic fall in used value in 2023. A year-old example in January would have cost £46,525. By December, a 12-month-old EQA can be had for £19,150

The EQA SUV is currently Mercedes’ least expensive electric model in the ‘EQ’ line-up – though at a shade under £50,000, it’s far from what you’d call cheap. Yet it does offer up to 311 miles of range on a full charge, so is pretty practical.

However, if you do want value, buying a ‘nearly-new’ year-old example makes a lot of sense right now, given the deflation in price seen over the last 12 months or so.

If you wanted a 12-month-old EQA at the beginning of 2023, you’d have needed to pay £46,500 for the pleasure. However, by the end of the calendar, the average price of a year-old example has slipped by £19,000 to under £27,400. That’s a 41.2 per cent drop in appreciate-for-appreciate value. 

=3. Mercedes-Benz EQC (2019-present) – down 41.2% 

The Mercedes-Benz EQC electric SUV has been hit with deflation in used price by 41.2% in 2023, according to Cap Hpi’s data

Tied with the EQA with a 41.2 per cent drop in used values in 2023 is Mercedes-Benz’s larger EQC SUV. Despite being roomier than the EQA, it also offers a shorter range of 232 to 259 miles from a single charge. 

If you were on the hunt for an EQC towards the end of 2022 and beginning of 2023, a year-old car with 10,000 miles on the clock would have been priced at £58,875, says Cap Hpi.

However, by the end of the calendar year, a 12-month-old model with 10k on the odometer is now being valued at £34,625. That’s deflation to the rate of £23,250 in just one year. 

2. Volkswagen e-Up (2013-2022) – down 42.7% 

Volkswagen’s e-Up was designed to be a low-cost city EV, and in the last 12 months it has become increasingly more affordable. That’s because year-old ‘nearly new’ examples are down 42.7% in price, which is a £9,150 refuse

Volkswagen’s e-Up is one of the smallest five-seat [just, at a push] electric cars sold in Britain.

Using the brilliant Up city model as a shell, VW stripped out the engine and combustion drivetrain and replaced it with a 36.8kWh battery, 61kW electric motor, single speed gearbox and a quoted range of up to 159 miles.

While an accomplished all-round package with an urban-friendly diminutive size might make it appeal to inner-city commuters, second-hand valued have deflated quite substantially, dropping by 42.7 per cent for one-year-old examples with 10,000 miles on the clock in 2023.

1. Seat Mii Electric (2019-2022) – down 45.6% 

The nearly new EV that has lost the biggest chunk of value in 2023 is Seat’s Mii Electric. Prices for a year-old example have plummeted by 45.6% since the beginning of the year – that’s a financial refuse of £8,500 in 12 months

If you thought VW’s e-Up had suffered huge used price deflation in a turbulent last 12 months for EVs, foresee until you seen how much one of its sister cars has haemorrhaged in price.

appreciate the VW, Seat’s Mii Electric makes a solid choice on paper. Also a sister model to Skoda’s Citigo e iV, it has a claimed range of 162 miles on a single charge and is bundled-up into an attractive city car package with lots of equipment and build quality.

Production only ended last year but used values still went into freefall in 2023. The average year-old car with 10,000 miles on the clock would have set buyers back £18,650 if they had bought towards the beginning of the calendar. By December, you can get your hands on a 12-month-old example with the same mileage of 10,000 for only £10,150 – a loss in value of £8,500, which is deflation in excess of 45 per cent.

*Source: All price data has been supplied by Cap Hpi. Value refuse based on December 2022 price for a one-year-old 10,000-mile example VS November 2023 price for a one-year-old 10,000-mile example