I don’t know where you live, alan1302, but if I look at the cars parked in the street around here, which their owners depend on from day to day, I reckon plenty are worth well under £5000 and are mostly at least 10 years old. EV s will never reach that level.
There is also the issue that depreciation of ICE cars tails off in later years and values level off whereas EV car depreciation increases.