DoneDeal has clarified statements about the depreciating value of electric cars. Stock picture

ELECTRIC cars do not lose their value to customers nearly as quickly as a recent report suggested.

The report by DoneDeal claimed EVs were declining in value by 41pc over the course of their first three years on the road.

That compares with just 24pc of original-value loss by petrol cars and 43pc for diesels.

But DoneDeal now admit their calculation was flawed. It is now understood that EVs lose value at much the same rate as petrol cars – which is a significant difference to what was claimed.

The company is in hot water with some distributors of electric vehicles after it emerged the originally high level of deprecation reported was based on the full pre-tax price of the car. That was before a total of €10,000 in VRT and SEAI grant were deducted.

It meant deprecation was calculated on a car priced, for example, at €40,000 rather than the €30,000 it really cost consumers after the incentives.

In a clarifying statement DoneDeal said it had used the “full original price of the vehicle”.

It added: “We acknowledge that this does not represent depreciation cost to the buyer, but the full depreciation cost of the vehicle to the buyer and the Government exchequer.”

Patrick Magee, Country Operations Director, Renault Ireland said: “This analysis sent to media by DoneDeal is incorrect and needs to be properly clarified, as this type of misleading reporting could have serious impact on EV sales today. This type of analysis is unhelpful for the progression of EVs in this country.”

Online Editors