Why is the resale value of EVs decreasing so dramatically around the world? Best time to buy used EV

Q Po India
Oct 5
2 min read

When you go to buy a brand new electric car, it costs 30–60% more than the petrol engine version. When you switch from petrol to EV you have to pay up to 60% more. This mean that the EV is much more expensive at the time of purchase . It may surprise you to learn that used electric cars (EVs) are losing value more quickly than ever before if you've been looking through auto classifieds lately. EV resale prices are declining in countries ranging from the US and UK to South Korea and India.

Sounds alarming, right? ? The good news is that this is turning out to be a fantastic opportunity for astute purchasers.

Not Just a Price Drop

EVs were once seen as futuristic, premium, and yes, a bit expensive. But the market is changing fast.

In the UK, EVs have lost 30–40% of their resale value in just a year.
In the US, buyers are hesitant because of battery life worries and rapid tech upgrades.
South Korea shows a similar trend, with EVs depreciating faster than many gas-powered cars.

And India isn’t far behind — more EVs on the road, newer models coming in, and buyers hunting for the latest tech.

Battery Health: The Elephant in the Room

The biggest factor affecting resale value? Batteries.

All EV batteries degrade over time. Even if it’s small, it reduces range.
Buyers are cautious because a battery at 80–85% health feels “used,” especially with long-term ownership in mind.
Newer EVs with better battery tech make older models feel outdated.

The battery is the heart of an EV, and when it shows wear, the value drops.

Supply Outpaces Demand

As EV production ramps up globally, more used EVs are hitting the market. Combine that with subsidies and incentives for new EVs, and suddenly, older models look less appealing.

More cars = more choices = lower prices.

Incentives for new EVs make buyers think twice about older models.

Why It’s Actually a Buyer’s Dream

Here’s the silver lining: if you’re okay with slightly older tech or minor battery wear, used EVs are suddenly affordable.

You can get a premium EV for half the price of a new one.
EVs still save on fuel, maintenance, and long-term running costs.
Many models still have battery or drivetrain warranties.

Brands like Tata, MG, Hyundai, and Tesla all have used EVs dropping in price — making them more accessible than ever.

Tips for Buying a Used EV

Check battery health — this is key for long-term reliability.
Look at charging options — fast DC or home AC charging can make a huge difference.
Consider tech updates — newer infotainment, ADAS, and connectivity matter.
Check incentives — some regions offer subsidies even for used EVs.

With a little research, you can own a high-tech, eco-friendly EV without paying top dollar.

The Bottom Line

Yes, EV resale values are dropping worldwide, but that’s not bad news. For anyone willing to buy smart, it’s a golden opportunity to own a premium EV at a fraction of the cost.

With battery tech improving and EV adoption growing, these used EVs could even become more valuable over time. So while the world worries about depreciation, you can smile — because the EV bargain of a lifetime is out there.