Insights into the Volatile Used EV Market: Slump in Average Values but Growth for Younger Models
The used electric vehicle (EV) market is a hot topic right now, with some interesting trends emerging. Despite a slight dip in average values for used EVs overall, there is actually growth for younger models. This shows just how nuanced the used car market can be, especially when it comes to electric vehicles.
According to data from Auto Trader, the second quarter has started off strong for the used car market in general. However, used electric vehicles were the only fuel type that did not see price growth, with average prices actually decreasing slightly month-on-month and year-on-year. Despite this, consumer demand for EVs remains high, with a 56% increase year-on-year.
On the other hand, younger EVs are outperforming the market. The average price of 1–3-year-old EVs actually rose in March, marking the first month-on-month increase since October. This is a positive sign for the electric segment of the used car market.
MotoNovo Finance also provided some interesting insights into the market, noting that electric vehicles are selling much quicker than internal combustion engine (ICE) models. In fact, EVs were in stock for almost half the time as ICE models in the first quarter. This rapid turnover indicates strong demand for EVs in the used car market.
Aston Barclay’s list of the most desirable used EVs for April further highlights the growing popularity of electric vehicles. The top 10 list includes newer models like the Tesla Model Y, Audi Q4, and Polestar 2, showing that buyers are eager to get their hands on the latest EV technology when it becomes available in the used market.
Overall, the used EV market remains dynamic and full of potential. With younger models showing growth and high demand for electric vehicles in general, it’s an exciting time for both buyers and sellers in the electric car market. As more EVs hit the used market, we can expect to see even more interesting trends and developments in the future.