I’m surprised this week about couple of news releases that I have read , firstly the report by Cap HPI that highlights used car values for both petrol and diesel stayed strong in August, but used electric vehicles (EVs) and some hybrids continue to struggle. For the third month in a row values for EVs have reduced, the market seem look at them as expensive compared to combustion engine equivalents.
Some of the most popular electric vehicles have dropped in value; surprisingly the fabulous looking BMW i3 has continued to drop in value with even the most popular models such as the Nissan Leaf and Kia Soul also taking a hit on their residual value. Hybrids have also moved down in value perhaps as Cap HPI suggest due to reduction of activity in the private hire industry.
The second article that grabbed my attention this week was the article by FairFuel UK, backed by the RHA they are planning to fight the rumoured plans to raise fuel duty. A staggering Circa 70% of what we currently put in our tanks is tax. Maybe now is the right time to buy an EV while the values are on a downward curve.