VALUE KEPT: Second-hand LEVC TX taxis listed over £40,000 for five-year-old black cabs

The market for second-hand LEVC TX black cabs continues its significant surge in demand and prices, with five-year-old models listed on LEVC dealerships in excess of £40,000.

This trend is attributed to the high purchase prices of new black cabs, which has shifted focus to the used taxi market.

Owners of the LEVC TX are experiencing a lucrative return on their investments, as these vehicles maintain outstanding residual values of between 65 and 75 percent after five years. This is particularly noteworthy considering these taxis would have accumulated around 140,000 miles over this period.

Launched in January 2018, the LEVC TX was the first purpose-built electric taxi and most units initially found their way to London from Coventry’s LEVC Ansty plant. These taxis were introduced at a unit price of £55,000. Fast forward five years, and dealers are now selling 2018 models for upwards of £40,000, indicating a depreciation of just £15,000 over the half-decade.

This depreciation rate is significantly lower than what is typically expected for vehicles, making the LEVC TX a standout in terms of value retention. The high resale value is even more pronounced when considering that many of these taxis were purchased with balloon payment schemes, where the final payment often sits around £17,000, based on a low initial deposit.

As the Personal Contract Purchase (PCP) leasing deals expire, a burgeoning second-hand market is emerging. Taxi drivers are now faced with the choice of either trading in their vehicle, which often garners a value well above the balloon payment, or using it as a substantial deposit against a new LEVC TX. Alternatively, some drivers are opting to extend the warranties on their current vehicles to keep their costs low.