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Thursday / 20 June 2024
HomeFeaturesElectric-car depreciation in South Africa – The biggest losers

Electric-car depreciation in South Africa – The biggest losers

The Mercedes-AMG EQS 53 4Matic+ Sedan is one of the fastest-depreciating electric vehicles (EVs) in South Africa.

If you bought the battery-powered sports car in June 2023 brand new at a price of R3,415,250 it would be worth R2,999,450 on the second-hand market today, reflecting an average loss of R41,580 per month over the 10 months, or approximately 13% of its value.

The Jaguar I-Pace EV400 AWD S Black is second behind the EQS at an average depreciation rate of R34,983 per month, and the Audi e-tron 55 Quattro sits in third at R34,510 per month.

At the other end of the spectrum, the Volvo XC40 P8 Recharge Twin Motor Ultimate has seen the most gradual loss in value since it reached the market last year.

In April 2023, the Volvo retailed for R1,260,000 as new, and currently, it goes for R1,250,156, equating to a depreciation rate of R820 per month.

Trailing the Volvo are two BMWs, the iX1 xDrive30 M Sport and i7 xDrive60 M Sport, which return an average loss of value of R2,672 and R2,697 per month, respectively.

To reach these conclusions, we asked AutoTrader for the average selling price and registration year of all the individual EV models on its platform from the country’s top manufacturers, comprising Audi, BMW, Jaguar, Mercedes-Benz, Mini, and Volvo.

Using the magic of the Wayback Machine to find indexed web pages of the vehicles, we were then able to track down the historic pricing of just about all the EVs produced by these brands.

Comparing the two values, we found out how far the prices of these cars dropped between when they were first purchased as new and what they are listed for on the pre-owned market today.

EV depreciation in South Africa

The tables below detail the average depreciation rate of the various EVs on sale on AutoTrader as of March 2024.

It’s worth mentioning that regardless of the fuel it uses, the newer a model is the worse it suffers from a monthly loss of value, as cars are most vulnerable to depreciation in their first year or two on the road, after which it starts to taper off.

Porsche’s Taycan family was not considered for this comparison as the second generation of the EV has already reached the pre-owned market and therefore distorted the average listing values.


Audi

Model Average registration year Price when new Current average pre-owned price Monthly depreciation
Audi e-tron 55 Quattro 2023 R1,745,000 (Jun 2023) R1,399,900 R34,510 p/m
Audi e-tron S Sportback Quattro 2022 R2,425,000 (Feb 2022) R1,545,882 R33,812 p/m
Audi e-tron 55 Quattro Advanced 2021 R1,990,000 (Feb 2022) R1,343,929 R24,849 p/m
Audi e-tron Sportback 55 Quattro S Line 2022 R2,115,000 (Feb 2022) R1,545,967 R21,886 p/m
Audi e-tron 55 Quattro S Line 2022 R2,045,000 (Feb 2022) R1,506,615 R20,707 p/m


BMW

Model Average registration year Price when new Current average pre-owned price Monthly depreciation
BMW i4 eDrive35 M Sport 2023 R1,293,300 (Mar 2023) R1,109,960 R14,103 p/m
BMW i7 xDrive60 Design Pure Excellence 2023 R2,825,000 (Jan 2023) R2,641,500 R12,233 p/m
BMW iX xDrive40 2022 R1,650,000 (Jan 2022) R1,382,061 R9,924 p/m
BMW i4 M50 2022 R1,600,000 (Jul 2022) R1,398,506 R9,595 p/m
BMW iX3 M Sport 2022 R1,290,000 (Jul 2022) R1,103,868 R8,863 p/m
BMW iX xDrive50 2022 R2,175,000 (Feb 2022) R1,989,917 R7,119 p/m
BMW i7 xDrive60 M Sport 2023 R2,900,000 (Jan 2023) R2,859,550 R2,697 p/m
BMW iX1 xDrive30 M Sport 2023 R1,180,000 (Mar 2023) R1,145,269 R2,672 p/m


Jaguar

Model Average registration year Price when new Current average pre-owned price Monthly depreciation
Jaguar I-Pace EV400 AWD S Black 2023 R2,074,700 (Jan 2023) R1,549,950 R34,983 p/m
Jaguar I-Pace EV400 AWD HSE First Edition 2019 R1,920,700 (Mar 2019) R873,588 R17,166 p/m
Jaguar I-Pace EV400 AWD SE 2020 R1,776,900 (May 2020) R1,062,438 R15,201 p/m
Jaguar I-Pace EV400 AWD HSE 2019 R1,820,900 (Mar 2019) R995,998 R13,523 p/m
Jaguar I-Pace EV400 AWD S 2021 R1,687,230 (Mar 2019) R989,000 R11,446 p/m


Mercedes-Benz

Model Average registration year Price when new Current average pre-owned price Monthly depreciation
Mercedes-AMG EQS 53 4Matic+ Sedan 2023 R3,415,250 (June 2023) R2,999,450 R41,580 p/m
Mercedes-Benz EQC 400 4Matic 2022 R1,679,000 (Aug 2022) R1,237,999 R22,050 p/m
Mercedes-Benz EQA 250 Progressive 2023 R1,174,000 (Apr 2023) R960,736 R17,772 p/m
Mercedes-Benz EQB 350 4Matic Progressive 2023 R1,379,000 (May 2023) R1,214,900 R14,918 p/m
Mercedes-Benz EQB 350 4Matic AMG Line 2023 R1,432,000 (May 2023) R1,279,210 R13,890 p/m
Mercedes-AMG EQE 43 4Matic Sedan 2023 R2,200,000 (Jun 2023) R2,089,900 R10,009 p/m
Mercedes-Benz EQE 350+ Sedan 2023 R1,800,000 (Jun 2023) R1,699,000 R9,182 p/m
Mercedes-Benz EQA 250 AMG Line 2022 R1,222,500 (Aug 2022) R1,152,104 R3,520 p/m


Mini

Model Average registration year Price when new Current average pre-owned price Monthly depreciation
MINI Hatch Cooper SE Hatch 3-Door Trim S 2021 R686,400 (Jul 2021) R504,954 R5,498 p/m
MINI Hatch Cooper SE Hatch 3-Door Trim L 2020 R722,000 (Jul 2020) R482,317 R5,326 p/m
MINI Hatch Cooper SE Hatch 3-door 2022 R681,000 (Apr 2022) R588,245 R3,865 p/m


Volvo

Model Average registration year Price when new Current average pre-owned price Monthly depreciation
Volvo XC40 P6 Recharge Single Motor Plus 2023 R1,108,000 (Sep 2023) R1,017,481 R12,931 p/m
Volvo XC40 P8 Recharge Twin AWD 2022 R1,260,000 (Jun 2022) R989,633 R12,289 p/m
Volvo XC40 P6 Recharge Plus 2023 R1,075,000 (May 2023) R941,675 R12,120 p/m
Volvo XC40 P6 Recharge 2023 R1,075,000 (Apr 2023) R959,950 R9,588 p/m
Volvo XC40 P8 Recharge Twin AWD Ultimate 2023 R1,260,000 (May 2023) R1,215,302 R4,063 p/m
Volvo XC40 P8 Recharge Twin Motor Ultimate 2023 R1,260,000 (Apr 2023) R1,250,156 R820p/m


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