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‘Shocking depreciation’ is why owners shouldn’t expect top dollar when they trade in their EV

Dealers have been put off stocking many EV models since dramatic falls in value

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‘SHOCKING’ depreciation on some EV models has made dealers wary of buying them for stock, according to new research by

HonkHonk, the trading platform that brings motorists together with dealers who want to buy their cars, is now warning EV drivers to expect little enthusiasm when they offer theirs for sale.

More than one in three used car dealers report that they are ‘much less interested’ than a year ago in taking an EV off somebody’s hands, says HonkHonk.

Price falls last year wiped almost half from the value of some battery car models, leaving many dealers afraid to stock them today.

HonkHonk asked dealers if their attitude toward stocking an EV has changed over the past 12 months and found that more than half of them were less interested today than a year ago.

Most of those – 38.5% – said they were ‘much less interested’, while another 12.3% were ‘a bit less interested’.

Sebastien Duval, CEO of HonkHonk, said: “The problem is that the shocking depreciation we saw last year for many EV models has left dealers worried that they’ll lose money if a car doesn’t sell fast.

“It’s a dramatic contrast with dealer appetite for buying in general for stock, because we’re seeing demand go through the roof for other cars, when HonkHonk users offer them.

“Right now, dealers can’t get enough small or medium petrol cars, medium diesels and even hybrids, since the market began recovering in 2024. But less than one in ten want to snap up a battery EV car more than they did than a year ago.”

Market analysts have reported that EVs are partly the victim of their own success, with supply increasing in the used market and rapid improvements to the latest new models making used examples less rare but also less attractive to motorists.

Combined with the ongoing problems of an inadequate charging infrastructure, the previous generations of EV – with their lower mileage ranges – are losing out to the kind of smaller petrol and diesel cars drivers trust and the improved but expensive new EV model ranges.

Seb Duval added: “Our dealers are much more risk averse after the difficult market they experienced last year, which means they’re hungry for cars that they know they can turn around for a quick sale.

“It’s good news for anyone wanting to sell their traditional economical family car direct to a dealer but we warn anyone wanting to sell their older EV not to expect much enthusiasm from dealers. They are probably better advised to trade their older EV in to the dealer who is selling them another new EV.”