- Latest used automotive sale information exhibits a 4.1% rise in transactions throughout all autos
- Second-hand EV transactions up 81.8% in April-June in comparison with final yr
- EV values are falling, making battery cars extra interesting to used consumers
Growing demand for electrical autos has pushed a surge in used automotive gross sales, new figures present.
Some 1.83million second-hand motors modified palms in Britain between April and June, the Society of Motor Manufacturers and Traders mentioned.
That is a 4.1 per cent enhance on the identical interval in 2022, and follows near-identical annual development throughout the earlier three months.
This was partly pushed by an 81.8 per cent soar in demand for used battery electrical cars, with 31,000 transactions within the three-month interval.
But is that this as a result of EVs have gotten more and more extra reasonably priced attributable to big deprecation?
According to AutoTrader, all 10 of the most-depreciating used cars final month have been all electrical – and under, we reveal the battery fashions which have shed probably the most worth.
Despite an total enhance in used automotive gross sales, the whole remained 9.9 per cent under pre-pandemic ranges.
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The Ford Fiesta was the UK’s best-selling second-hand automotive between April and June, with 75,000 transactions.
The producer ended manufacturing of the automotive at its manufacturing unit in Cologne, Germany, final month forward of the positioning being modified to make extra room for producing EVs.
And whereas electrical cars noticed an enormous soar in transactions, they nonetheless solely make up a mere 1.7 per cent of all used motors altering palms in Britain.
Mike Hawes, SMMT chief government, mentioned: ‘It’s nice to see a recharged new automotive sector supporting demand for used cars and, specifically, serving to extra individuals to get behind the wheel of an electrical automobile.
‘Meeting the undoubted urge for food for pre-owned EVs will rely upon sustaining a buoyant new automotive market and on the availability of accessible, dependable charging infrastructure powered by reasonably priced, inexperienced power.
‘This, in flip, will permit extra individuals to drive zero (emission cars) at a worth level suited to them, serving to speed up supply of our environmental objectives.’
Used EVs are extra reasonably priced after big fall in worth
And its improved affordability that’s possible driving the rise in used EV gross sales.
Values of many second-hand electrical cars have plummeted in current months, with unique information shared with This is Money displaying the worst hit have plummeted by as much as 40 per cent within the first six months of 2023 alone.
Chris Knight, UK Automotive Partner for KPMG, mentioned: ‘Electric cars have seen important worth drops in current months because of provide coming again into the market, and worth wars on new fashions pushing second-hand values down additional.
‘Early EV adopters who purchased on the peak of the market will bear the price of this worth normalisation.
‘Greater affordability continues to drive EV uptake, however the means of households with out off road parking to cost close to their dwelling stays a serious barrier to larger ranges of adoption.
‘Installing extra public cost factors is vital to better EV transition – as is the velocity and value of utilizing them.’
AutoTrader says shopper demand for used electrical cars is ‘strong’ however ‘unable to maintain tempo with the sharp enhance in availability’, because of extra fashions getting into the market and diluting values.
It claims the variety of used EVs listed on its web site is up 173.6 per cent year-on-year, which is driving down costs.
July marked additional decreases for values, with the common used EV worth dropping by greater than £9,000 to £31,568 – down greater than a fifth (21.3 per cent) year-on-year to mark a seventh consecutive month of declines.
The fall within the EV market contrasts with a £595 – or 4.7 per cent – rise in costs for petrol cars to £16,448, and a 4.9 per cent enhance in the price of common diesels to £16,571 in comparison with 12 months earlier, AutoTrader mentioned.
While that is dangerous information for electrical automotive house owners from new, customers out there for a second-hand EV can reap the rewards.
Ian Plummer, its business director, says the web gross sales platform is seeing a report ranges of demand for battery cars as customers ‘determine pre-loved electrical autos as a extra reasonably priced route into electrical possession’.
He added: ‘The inflow of provide on the again finish of final yr has continued all through the primary half of 2023 which meant a decline in used automotive costs, however a great addition in alternative for customers. We anticipate the used EV market stabilising now when it comes to costs.’
The 10 most depreciating second-hands cars in July have been all EVs
10. DS3 Crossback E-Tense – down 24.2%
Average used worth: £19,622
Citroen’s electrical hatchback has a variety of as much as 250 miles on a full cost, however regardless of this comparatively sensible efficiency for a compact automotive, year-on-year used values are down nearly 1 / 4.
9. Volkswagen ID.4 – down 24.9%
Average used worth: £36,748
Volkswagen’s family-size SUV presents a variety of as much as 328 mile vary within the highest-spec variations however remains to be struggling substantial depreciation, dropping by 1 / 4 within the final 12 months.
=7. BMW i3 – down 25.4%
Average used worth: £19,220
BMW has stopped producing the i3, so you possibly can solely get one on the used market to any extent further.
It’s accessible as a ‘range-extender’ hybrid or as a fully-electric mannequin with a variety of as much as 193 miles within the ‘S’ variations.
Second-hand marketed costs are down by 25.4 per cent on final yr.
=7. Nissan Leaf – down 25.4%
Average used worth: £14,992
Produced in Sunderland, the Leaf is Nissan’s volume-selling electrical hatchback.
It was the fifth hottest new EV final yr with 9,178 registrations in whole, however that hasn’t stopped values from slipping with the common used instance down in marketed worth by 25.4 per cent in July.
6. Jaguar I-Pace – down 25.9%
Average used worth: £37,891
Despite Jaguar’s intentions to turn out to be an electric-only premium model from 2026, the I-Pace stays its solely electrical mannequin.
And values are dropping fairly quickly, with the common second-hand model listed for 25.9 per cent lower than it was a yr in the past.
=4. Volvo XC40 Recharge – down 26.8%
Average used worth: £40,104
Even comparatively new EVs to the market are struggling dramatic depreciation, with the XC40 Recharge a main instance regardless of providing as much as 334 miles from a full cost.
While you may nonetheless have to pay round £40,000 to get your palms on one, that’s some 26.8 per cent lower than what they have been going for a yr in the past.
=4. Audi e-tron – down 26.8%
Average used worth: £40,541
Audi’s e-tron is among the model’s earliest luxurious electrical fashions – so early that it’s now not in UK showrooms.
While a second-hand one will nonetheless set you again over £40,500, values are down by greater than 1 / 4 within the final 12 months.
3. Hyundai Kona – down 29.2%
Average used worth: £23,132
Hyundai’s Kona is among the greatest family-size electrical SUVs in the marketplace, providing a luxurious inside and a sensible vary of as much as 300 miles.
But values are on the tumble, with sellers setting asking costs 29.2 per cent decrease on common than they have been a yr in the past.
2. Renault Zoe – down 29.3%
Average used worth: £14,483
If you are out there for a small EV with a – comparatively – big selection, the Zoe will possible be on the procuring listing.
And they make an reasonably priced alternative in the present day, with used values down 29.3 per cent within the final 12 months, in response to AutoTrader.
It means you possibly can decide one up for lower than £15ok.
1. Tesla Model X – down 29.7%
Average used worth: £49,589
The largest faller in July was the Tesla Model X.
The US model just lately introduced it should now not produce right-hand-drive variations of its largest EV, which you’d suppose would assist stabilise used values as consumers look to the second-hand market to get one with the steering wheel on the right facet for British roads.
However, values are down by an enormous 29.7 per cent from July 2022 to July 2023, AutoTrader mentioned.
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