Whilst electric cars are growing in popularity, many popular models are losing value quickly (Image: Getty)
One of YouTube's most popular automotive personalities has advised motorists thinking about buying an electric car to consider used values before getting behind the wheel.
Mat Watson is a driving expert who regularly creates videos for the Carwow YouTube channel, offering advice on a wide range of motoring topics and testing the latest models.
In a recent video, Mat noted that many electric cars are depreciating very quickly on the used market, with the Citroen C4X losing the most value in one year.
He explained: "The electric car that has seen the biggest drop in value over the last year is the Citroen C4X. Twelve months ago, you'd have got £25,890 for a one-year-old car with 10,000 miles on the clock. Now, though, that value has dropped to just £17,458. That's £8,433 less and a drop of 32.6 percent.
"Electric versions of the C4 hatchback have also dropped over the last year, although by just £4,356, or 23.7 percent. But, it turns out that petrol and diesel versions of this car remain much more stable in terms of their trade-in values. The value of petrol engine C4s dropped by just over £3,600 and the diesel dropped by just over £2,200."
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According to Carwow's study, used examples of the Citroen C4X dropped in value by 32.6 percent (Image: Getty)
As demand for both used cars and electric vehicles increases, many motorists would imagine that the second-hand examples on sale would become more valuable.
However, Mat highlighted that problems with supply chains during 2022 and 2023 caused a shortage of new cars, causing them to hold their value for longer.
Since there are fewer issues in sourcing parts today, the value of used cars is beginning to fall back to its normal rate, with rising energy prices causing some electric models to lose value further.
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Values of the electric BMW i4 dropped faster than petrol and diesel alternatives (Image: Getty)
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Later in the video, Mat stated that the electric version of the BMW 4-Series had lost around 12 percent more of its overall value when compared to the petrol variant.
He continued: "The trade-in value of a one-year-old car with 10,000 miles has dropped by 14.1 percent. That works out at the car being worth about £6,330 less than it would have been a year ago.
"It's not so bad for the petrol and diesel-powered 4-Series though. Even though the Grand Coupe versions use the same chassis, body and interior as the electric i4, their values have stayed much more stable. A comparable petrol 4-Series Grand Coupe has only dropped in value by 2.3 percent, or £850 since 2023."
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Finally, the YouTuber recommended that buyers look at the cost of pre-registered vehicles, stating that he found a 2023 Porsche Taycan sports car that had just covered 20 miles for nearly £40,000 off the original retail price.
He added: "The Porsche Taycan has been in the news a lot recently because people have discovered how shocking the depreciation is on it. I found a 2023 Porsche Taycan Turbo S for sale through Porsche's Approved Used programme for just £112,900.
"This car is only a year old and has just 20 miles on it. However, it cost around £150,000 when it was new, and that's without options. That means depreciation has cost the owner about £1,800 for every single mile they drove. It's insane!"
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