It has been seen on sites like AutoTrader that the prices for some models of pre-owned electric vehicles have lost significant value in the first year after registration. This isn’t great news for those that have bought new, but for those that are looking for a bargain, they might have the chance to bag an EV at a lower price.
However, even pre-owned EVs are still priced above the average budget for motorists.
There are four EV model ranges in SA those being the Mini Cooper SE, Jaguar I-Pace, BMW i3 and Porsche Taycan. Unfortunately, the Nissan Leaf is not available any more as Nissan South Africa made the decision not to import the second generation and the first-gen is hard to come by.
EVs in South Africa are slow sellers and the volumes are pretty low, so getting a price trend on pre-owned EVs is slow to emerge. However, a glimpse into the trade, shows that the BMW i3 and Mini SE show the least depreciation.
When looking at the prices of new EVs compared to pre-owned models, the Mini SE and BMW i3 display the least depreciation.
This is in line with the price trends for petrol and diesel used cars, with small hatchbacks maintaining a larger percentage of their value when compared to premium SUVs and luxury sedans.
This is true for the Jaguar I-Pace. The entry-level model is about R2 million, where you can find a 2020 model for R1.2 million.
This means that those interested in the new BMW i3 may find that the price isn’t too far off from a pre-owned I-Pace according to AutoTrader CEO, George Mienie.
Porsche usually has strong value retention, but you can still save with models like the Porsche Taycan Turbo and the Porsche Taycan Turbo S that can be R100 000 less than a new one. This may not seem like a lot but the new price doesn’t take into account optional extras.
There is a strong demand for pre-owned Mini Copper SE and BMW i3 cars and they have good value retention, which may continue for a few years. In the next two years, most EVs that are coming to SA will be premium, expensive products.
EVs like these are ranging from R600 000 to R900 000 and are likely to escape the large losses that affect those in the R2 million and above range.
If you are in the market for a pre-owned vehicle then head over to Trade Your Vehicle, where you will find hundreds of vehicles from all over South Africa. Your dream car whether it’s an EV or not is just a click away.