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'Drivers considering taking the first step on their electrified driving journey have never been in a better position to benefit from falling EV prices than in 2024,' says Auto Trader.
‘Unsustainable levels of depreciation’ as used prices drop 23pc in one year
While existing players will be fighting for market share with new zero-emission vehicles mandate, Chinese cars will increase competition
Intense price competition is predicted in the UK’s electric car market, driven by new government mandates and Chinese entrants vying for significant market share.
Electric cars lose as much as half of their value after just three years on the road, new figures show, as the rate of depreciation far outstrips petrol equivalents.