Study shows better resale value for hybrid compared to electric vehicles

A CARTELL.ie and Toyota Ireland study has shown better resale value for hybrid vehicles compared to electric vehicles.

Hybrid vehicles retain up to 13% superior resale value by their third year.

Toyota Ireland commissioned Cartell.ie to undertake a review of used car values of hybrid vehicles compared to electric vehicles in Ireland. The study was undertaken by noted Global Automotive Expert and a Fellow of the Association of Chartered Certified Accountants, Dean Bowkett.

Results show that at 3-5 years old, the resale value on hybrid vehicles is notably higher than electric vehicles. For used hybrid vehicles, the residual value after three years is 65.6%, which is 13.5% greater than an electric vehicle. After 4 years it is 56.9% and after five years is 46.3%. For electric vehicles, the residual value after three years is 52.1%, after 4 years is 42.6% and after 5 years is 32.5%.

The proven hybrid technology that, unlike electric vehicles, you don’t have to plug in, has seen Toyota experience a 100% increase in sales of hybrid vehicles in 2017 compared to last year. These results show that hybrid is now moving towards mainstream popularity.

Globally, Toyota sales of hybrid cars has surpassed 10 million units, further enhancing Toyota’s leadership in hybrid technology. In Ireland, hybrid vehicles now make up a total of 3.4% of the market, up from 1.5% in 2016 and Toyota expect that to double again in 2018.