Longo Group warns of rapid value loss for plug-in hybrid vehicles

Plug-in hybrid vehicles are losing resale value faster than traditional hybrids and internal combustion engine cars, according to Rainer Uukkivi, CEO of Longo Group Estonia.

Citing an analysis by J. D. Power, Uukkivi noted that in Germany, three-year-old plug-in hybrids with 60,000 kilometers have retained an average of 42% of their original list price. This is lower than the 48% seen in standard hybrids and 47% for petrol and diesel vehicles.

Experts warn that buyers of used plug-in hybrids should thoroughly test battery condition, as age and mileage may not accurately reflect the battery's true state. The trend is observed across various European markets, where demand for these vehicles is not keeping pace with supply, leading to longer sales periods and steeper depreciation.