Electric vehicle market trends: MG 4 wins award as battery health drives resale value

The electric vehicle market is seeing significant shifts in both consumer preferences and valuation metrics. The MG 4 Urban Long Range Comfort has been named the best small electric car by What Car? experts. The model was praised for its practicality, cabin space, and value, outperforming competitors like the Renault 5 by offering more interior room and a larger boot capacity.

In the used vehicle market, battery health, specifically the State of Health (SOH) percentage, has become the primary driver of price differences. Two identical electric car models with the same mileage can see a price discrepancy of up to 34,000 kroner based solely on their remaining battery capacity.

Data indicates that electric vehicles have historically experienced higher depreciation rates than internal combustion engine vehicles. In the US, EVs lost an average of 57.2 percent of their value over five years, compared to 41.8 percent for the overall market. This rapid depreciation is attributed to fast-moving technology and increasing range capabilities in newer models.