Most car buyers are well aware that their new vehicle will drop sharply in value as soon as it is driven off the forecourt. A new UK study by vehicle review and valuation specialist Parkers has shown the winners and losers in terms of makes and models.  

Interestingly when it comes to a drop in first year value, it is generally EVs at the top of the list, with over supply of new EVs being the main cause. 

The study compared models registered in January 2024, with 32,000km on the clock. At the small car end of the scale comparing the Fiat 500e and MINI Cooper, found the Italian compact dropped in value by a massive 52% in the first year, while the MINI only lost 17.3%. 

Also highlighting the issue with EV values are figures for MG models. Here the MG ZS took a value hit of 27.8% in the first year, while the MG ZS EV model dropped by 41.8%. The contrast was even worse for the Vauxhall Corsa, with the EV version dropping 54.8% in the first year compared to 34.3% for the petrol model. 

Depreciation on other EV models can also be seen with examples being; Hyundai Ioniq 5, -41.8%, Kia EV6, -40.8%, Mercedes- Benz EQS, -48.9%. 

Luxury and specialist models held their value best, for example; BMW X1 35M, -12.2%, Porsche 911 Turbo S, -21.0%, Mercedes-AMG S63, -15.7%. 

As a UK market study, figures for Irish depreciation will vary considerable, but the report does highlight the falling values that do concern potential EV purchasers. On the plus side it does mean that anyone considering the switch to EV can get some great value on nearly new models.