The used cars that lose you the most money: Electric vehicles dominate the list of the biggest price fallers – another reason to start car leasing?
The used cars that are falling most in value compared to a year ago have been revealed - and the list makes for painful reading if you own an electric vehicle.
Five of the top six second-hand depreciators are battery electric models, some of which have fallen in price by as much as a fifth in the last 12 months.
Why buy a used/ new electric car which depreciates in value when you can simply lease it?
Five of the top six depreciating models are electric - here are the motors with the largest declines.
1. Jaguar I-Pace - Jaguar's only electric model is the biggest price faller among used cars. Average advertised prices are down 21.8% on this time last year
2. Volkswagen ID.3 - The VW.3 is still relatively expensive for a used medium-sized hatchback, but this EV has dropped in value dramatically in the last 12 months (17.2%)
2. Tesla Model 3 - Tesla's decision to slash new car prices earlier this year has taken a toll on used values - even for its most popular vehicle, the Model 3. The average used price for this compact family saloon is down 17.1 per cent compared to a year ago, down to £35,603.
4. Audi e-tron - Audi's e-tron electric SUV might have declined 16% in value in the last 12 months, but the average used example listed for sale is still priced high at over £47,000
5. Hyundai ix35 - Some SUVs are definitely seeing a dip in demand on the used market. This is true of Hyundai's ix35, which has fallen by 13.4% in the last 12 months.
Avoid depreciation costs
Avoid deprecation costs if you were to buy the vehicle. This lowers the risk of owning a depreciating asset.
No MOT required & Road tax included
New cars do not need a MOT in the first three years of their life. Road Tax included as part of your lease agreement free of charge.
Manufacturer’s warranty is included with your lease deals free of charge. Most leases let you drop your car off at the garage for no extra cost if something goes wrong.
Lower maintenance costs
Much lower maintenance costs - breakdown cover often comes as part of the package (covered under manufactured warranty), servicing sometimes too if you included a maintenance package as part of the agreement.
Cheap and hassle-free
You can drive a brand new car every few years which you never thought you could afford. Once the contract lease period finishes on your lease agreement you can get another brand new car - simple and hassle-free. There's also no hefty financial loan to buy the car.
Fixed monthly payment and flexible initial payment
Fixed monthly payments, which are cheaper than buying a car on finance (PCP). You can also choose how much you want to pay upfront (normally 1, 3, 6, 9 or 12 months initial payment).
Contract length of your choice
You can choose how long you want the car for – contracts lengths are normally 2, 3 or 4 years.
You can enquire or call to get a quote in minutes, then the leasing provider will be in touch to go through a quick credit check.
Vehicles can be delivered straight to your home free of charge (mainland UK).
If you’re looking to avoid the cost of buying a depreciating asset (a new or used car), then car leasing will be a suitable solution for you.
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