Electric cars depreciate faster than petrol ones when resold in Ireland: survey

Electric cars depreciate much faster than petrol ones in Ireland when they are resold on the market, according to findings of a survey published by local media recently.

The survey, conducted by Ireland’s largest online car dealer DoneDeal, says that a new electric car bought three years ago will lose its value by 41 percent when it is put up for resale, whereas a petrol-powered car of the same age will only lose its value by less than 24 percent.

Petrol cars are the best value-retaining ones among all types of cars for resale, followed by hybrid cars, whose depreciation rate within three years stands at 26 percent, says the survey, which was run on the website of the local media RTE.

The least value-retaining cars are diesel ones, says the survey, adding that a three-year-old diesel car will lose its value by 43 percent when it is resold on the the market.

On average, a new car purchased in Ireland three years ago will depreciate by one third of its value, says the survey.

The survey also finds that Dublin is the largest consumer of electric cars, accounting for 43 percent of all the electric cars sold in the country so far this year.

However, the report failed to give specific figures.

Electric cars depreciate quicker than most of the other cars mainly due to the rapid changes of the technology employed in the manufacturing of such cars, such as the battery life, says the survey.