Research by online motor marketplace, AutoTrader, revealed the average price for a used EV has dropped by 21.4 per cent this month, compared to a year ago.
Marc Palmer, the head of strategy and insights at AutoTrader, told MailOnline: “The used market will now be slower to mature. There will be fewer new EVs registered and fewer used cars coming to market.
“There will be sections of the public, especially those who are sceptical, who will want to wait.”
The expert explained that used cars are the “biggest” section of the industry, however motorists are likely to “take longer” in the switch to electric.
According to the Mail:
Mid-month figures for September released by AutoTrader – the largest online marketplace for cars – reveal that the average price of a used EV has fallen by 21.4 per cent to £32,463.
Premium sector EVs, including Tesla, BMW, Mini and Mercedes-Benz, were hit hardest – with values falling by up to 24.1 per cent year-on-year.
The data, reported by The Times, showed that prices of second-hand premium sector EVs peaked at £51,704 last August and have since plummeted by more than £10,000 to £39,268.
The second hand EV is between a rock and a hard place!
Increasing numbers are now coming onto the market, corresponding to the increasing number of new sales in recent years.
Yet at the same time, there seems to be little appetite ffrom buyers. Most new EVs go either to Business/Fleet purchasers, or rich, virtue signallers. Neither sector is interested in buying second hand EVs.
Private buyers of second hand cars cannot afford the inflated price of EVs – if they could, they would buy a new petrol car anyway. And they are less likely to have off street parking, therefore making charging more expensive and problematic. Hence the low turnover of second hand EVs.
EV manufacturers have taken a huge risk in offering cheap PCPs, in the hope attracting buyers. These deals are ultimately based on EVs holding their value well.
With plummeting second hand values, they and the lease companies could be facing massive losses.
What is remarkable about these reports is that the so-called experts seem genuinely surprised about all of this. It was utterly predictable all along.
One “expert”, Marc Palmer, the head of strategy and insights at AutoTrader, told the Mail that the used market will now be slower to mature, and that motorists are likely to “take longer” in the switch to electric.
And the SMMT said “A faster and fairer mass transition [to zero-emission vehicles] is threatened by the absence of support for private buyers, many of whom plan to go electric but are delaying due to concerns over affordability and uncertainty regarding the availability of a charging network.”
They have obviously been believing their own propaganda about EVs for too long.
They still do not seem to have worked out that EVs are utterly useless for most private drivers, who will refuse to make the switch until forced to.
