A study conducted in the United Kingdom for used-car purchase resource ChooseMyCar says battery-electric vehicles depreciate faster than gas-powered models, reported TU Automotive.

The findings indicate that BEVs are estimated to lose 51% of their value, on average, from 2020 to 2023, the report said. That compares to 37% for gas-powered vehicles, or about $19,000 in loss versus $12,330.

TU Automotive said that the study compared new-model prices in 2020 against today’s values. It pointed out that the higher the original sale price, the greater the loss. One example is the Tesla model S, which lost an average of a little over $31,000 in the U.K. market over that time period.

The publication said study researchers indicate one factor in the higher rates of depreciation is that new BEV prices have been cut to increase waning sales. But it indicated that used-car market watchers expect the phenomenon to continue.

The top two BEV depreciators were the Hyundai Ionic, at 67%, and the BMW i3, at 64%.

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