⚡🚗💸Take two cars that originally cost £40,000.
After three years, a typical petrol car might be worth around £22,000–£25,000, meaning the first owner has lost roughly £15,000–£18,000.
An equivalent EV could have fallen to just £15,000–£20,000, potentially wiping £20,000–£25,000 off its original value. 🔋📉
So far, so painful.
But this is where the used-EV argument gets interesting. Suppose somebody bought that EV new for £40,000 and, three years later, you pick it up for £17,000.
They’ve already swallowed a spectacular £23,000 depreciation sandwich. 🥪💸
Sounds like you’ve won, doesn’t it?
Well… not necessarily.
⚡ The First Owner Lost a Fortune — But You Can Still Lose Too
Buying an EV after its biggest depreciation hit can make far more financial sense than buying one new. But don’t confuse “less depreciation” with “no depreciation.”
You might buy that £40,000 EV for £17,000, drive it for another three years and discover that buyers now only want to give you £8,000, £9,000 or £10,000 for it.
Suddenly you’ve lost another £7,000–£9,000 yourself. 💸
And that’s the part of the used-EV bargain story that shouldn’t be conveniently swept under the charging cable.
As EVs get older, buyers may start thinking about battery health, remaining battery warranty, newer technology, charging speeds and the simple fact that today’s cutting-edge EV can become tomorrow’s electronic grandfather clock remarkably quickly. 🔋👴
Meanwhile, manufacturers keep introducing newer EVs with better range, faster charging and increasingly competitive prices. That can put further pressure on older models.
So yes, letting somebody else take the first enormous depreciation hit can be a clever move.
But when you eventually come to sell your second-hand EV, you still need somebody willing to buy it at a decent price.
The first owner may have fallen off the financial cliff.
You could simply be buying the car halfway down it. 🧗♂️📉
That’s why the important question isn’t merely:
“How much has this EV already lost?”
It’s also:
“What will somebody realistically pay me for it when I want to get rid of it?” 🎯
🔥Challenges🔥
Would you buy a £40,000 EV for £17,000 after three years if there was a realistic possibility it might be worth substantially less when you came to sell it again?
Or does the huge initial discount make that risk worth taking? ⚡🤔
👇 Tell us in the blog comments: bargain of the decade or depreciation disaster with a charging cable? Like it, share it, and throw your argument into the debate. 💬🔥
The best comments, arguments and financial horror stories will be included in the magazine. 🎯📝
Chameleon Magazine 
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