Experts at WhatCar? has revealed the one road car with the worst depreciation on the road, with owners at risk of losing up to £20,000 in just three years.
According to WhatCar? the Vauxhall Corsa Electric tops the list, with the vehicle retaining just 28.3% of its value after 36 months on the road. Specialists have revealed that owners can spend as much as £29,045 when shopping for a brand new fully electric Corsa. However, analysis shows the same vehicle is worth just £8,300 after three years, a drop of £20,745 in a major blow.
WhatCar? said: "The regular Vauxhall Corsa is one of the best-selling new cars in the UK, and this pure electric version offers many of the same benefits of that car – namely, that includes a keen price and lots of standard kit for your money.
"However, it's also the new car which loses the biggest percentage of its value over three years and 36,000 miles of ownership."
WhatCar? praised the model for having "repeatable charging speeds" with the Corsa Electric topped up from 10% to 80% in roughly 30 minutes. The Corsa is also said to come with a decent range, with road users likely to enjoy up to 246 miles between charges.
Despite this, WhatCar? stressed that many of the Vauxhall Corsa Electric's rivals are "nicer to drive" with the Peugeot E-28 and MG4 operating in the same circle. The experts stressed the MG could even be better value for money for those concerned about the level of depreciation.
WhatCar? said: "The MG will retain more of its value than those rivals after three years of ownership and 36,000 miles."
There are concerns that electric cars depreciate faster than petrol or diesel equivalents due to the rapid advance of new technology. Concerns over the health of second-hand electric car batteries are also playing a role in reduced costs.
Motorpoint stressed that there was evidence to show that electric cars were losing value faster than combustion vehicles.
They explained: "Market data from providers like Autotrader shows that EVs depreciate very slightly faster on average than petrol and diesel-powered models.
"The biggest drop in EV value relative to fuel-powered cars is within the first 12 months. After that point, the rate of depreciation for each following year tracks more closely to non-EVs."
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