Increase in residual value of electric cars boosted by greater range
Sales of fully electric cars are growing rapidly, which in the long term will also lead to a larger supply of used electric cars. ING expects a quarter of the used car market to favour electric cars by 2025.
The demand for used electric cars will outstrip supply, resulting in rising used car prices.
This means that electric cars will keep their value better than petrol and diesel models. ING estimates that new electric cars will keep 40% to 50% of their value after five years - more than petrol vehicles (35% to 42.5%) and diesel vehicles (27.5% to 35%).