Values Of Used EVs Plummet, As Dealers Stuck With Unsold Cars
By Paul Homewood
The average cost of second hand electric cars is plummeting by a "phenomenal amount" as they sit for "months on end" without any buyers.
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.
https://www.thesun.co.uk/motors/24099905/second-hand-ev-prices-falling-driver-lose-confidence/
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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.
https://www.dailymail.co.uk/news/article-12551439/used-electric-cars-price.html
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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.
Comments are closed.
NOT A LOT OF PEOPLE KNOW THAT 
Ha ha ha 🤣🤣
I can only speak for myself but I’ll never buy an EV. There may be a place for them in cities where one has access to convenient and affordable charging. However, other genius policies like road charging and 15 minute cities will hit them too. So it will be interesting to watch for second hand ICE cars presumably shooting up in value, mirroring the decline in EVs. Presumably the same will happen to new ICE cars as 2035 approaches, assuming we’re not all forced to drive around at 20mph
New ICE are going to go up in price incrementally because of the quota system that is still going to come into force on Jan 1 next year. In the first year if manufacturers sell less than 22% EVs, every additional ICE will be subject to a 15 grand fine.
By 2030 the quota is 80% EVs. How are manufacturers going to make that happen? Two options. Pay a retainer to a pure EV company to include their sales, or subsidize EV purchases by inflating the price they charge for ICEs.
When the government imposes quotas to try and buck the market the market will win.
In this case, wait for the imminent collapse of uk auto sales and bleating from manufacturers and new car showrooms for govt to prop them up with tax payers money
Perhaos but the fleet markets are buying EVs so the manufacturers might find the quotas fine. Making ICE cars more expensive would simply reduce total sales.
If they were better than Internal Combustion cars they would sell but forcing companies to sell them or be fined and banning new ICs is a dead giveaway that we’re being conned.
Henry Ford didn’t need to call for horses to be banned in order to sell his Model T.
Why should you be ‘Forced’ to do anything without a vote ?
The more people comply like sheep & believe what the Govt & paid for media & scientists say, the more they allow tyranny to reign over me.
WAKE UP !
The mass injectables & obedience training of masks were a perfect example.
If you think “that” is bad, scope what the Canadian Govt is doing/has done to non conformists such as medics and particularly Jordan Peterson…..
Yeah I’ve been following but its up to the people no super heroes around currently
And they have a supposedly liberal Prime Minister
He’s a clear case of Clinical Narcissistic Personality Disorder.
– he cannot be challenge don anything without losing it – see his treatment of the perfectly reasonable question by a journo regarding Ukraine being aproxy war on behalf of the USA
– he can contradict himself, sometimes within days, without so much as an eye blink. Why? Because whatever a Narcissist says is the truth.
Having had one encounter with such, you can spot them a mile off. WTF the Canadians thought they were doing when they elected him, God only knows. And that weirdo Ardern who smirked on TV when declaring she would make the unjabbed “second class citizens”. Followed up later when she said that truth only came via government. Totalitarian government that is.
Liberal??? Adolf Trudeau?
Adolf Castreau. He had a dictator as his daddy…
Even with a vote. That’s then simply Tyranny of the Majority. We do “vote” each time we buy a car. Revealed preferences versus stated preferences.
My 1600cc Ford focus is 13 years old, I bought it 10 years ago for £6000, mileage then 26,000. Mileage today is 48,000 (low, I travel by train to visit relations using my senior rail card (33% off)). I checked out “We buy any car” out they offered £6200. I looked at the cost of buying 13 year old focus like mine, cheapest was £8200 but with 110,000 on the clock.
I decided to keep my car and over a year spent around £1000, fixing the suspension (failed last MOT due to worn bushes) changed the cam belt and replaced all 4 tyres. MOT in two days fingers crossed.
If our green friends really cared about CO2 emissions, they would be telling us to keep our old cars running, not to buy new EVs.
The IPPC’s official position is that their main purpose is to assign
blame for adverse climate changes.
And transfer money from wealthy countries into the bank accounts of despots running 3rd world countries.
Have a couple of images of UN people stating this clearly.
No, they wouldn’t, because most of them can’t add up.
I suppose the government will deliberately restrict petrol and diesel supplies as part of their tactics to force people into EVs, otherwise it’s easy to imagine the best approach is to just keep an old ICE running forever post-2030s, like they do in Cuba.
Road charging is inevitable given that the government want to get rid of ICE cars, which contribute billions to the Treasury via vehicle excise duty. (VED is coming in for EVs but at a much lower level.) This means I think that ICE will become increasingly expensive to run even without punitive increases in fuel duty.
Don’t worry, you can always run an ICE on wood.
https://www.lowtechmagazine.com/2010/01/wood-gas-cars.html
A friend and I have built a gassfier to run a generator, it really does work.
I particularly like the red Volvo 240 series sedan there with the monstous gasifier on a platform at the back. There’d be something very FU about driving that around in a world of EVs.
As “they” did 1939-45….?
Hope that helps to end the costly sham of net zero
Watch the price of ICE second hand cars shoot up – again.
This is just the beginning of the ‘Great EV Snub’
A great (sic) reset few saw, some hoped for , and some will be vomiting in their oat milk bedtime drink at the very thought…tee hee
We are a 2 car household, so could have one EV and one diesel for longer journeys , but right now a used EV one is still miles more expensive than a used ICE, for a less useful vehicle
I have a former colleague I see a few times a year. He recently moved house and installed Solar PV, battery and car charging system for his wife’s EV. He reckons that that gives her free motoring. He also has a couple vintage MGs and a modern ICE Jaguar.
I haven’t yet asked him to cost his free EV driving. Using the EV for short journeys round town makes sense in the age of 20mph limits and ULEZs, but how many years until it’s carbon neutral must be in double figures by which time he’ll be on his third or fourth car and second set of panels. So not carbon neutral ever.
The charging systems at home are not free, and neither is a solar installation, although these are one off costs. I would still be looking at a £10k premium on purchase to get my “free motoring”
I wouldn’t pay those prices for a NEW EV let along a used one.
Who would buy a used battery?
That’s a good line
Exactly so. As far as I know, there’s no way to know the state of a used battery? A business opportunity perhaps.
The word has gotten out about what an EV buyer’s options are when the battery fails (dealer/manufacturer essentially say, “Tough beans.”)
Finnish man blows up his now-worthless Tesla Model S
Yes. It’s battery fear
Its not just EV’s Hybrids have expensive batteries also which can cost over 5 grand to replace. Neighbours son had to replace one in his car.
Don’t know if it was under warranty as full details unknown, so would you buy a used hybrid ?
The manufacturers did not do their market research being swept along by politicians whom of course know it all. Until EVs can do 500 miles before recharging and when they do recharge can do it in five minutes there is no long term future for more than a 25% share of the market.
Oh they knew, but what could they do?
I admit that I don’t know what’s going on. It makes no sense.
Ford says they are going to invest tens of billions on EV production, yet EVs make up less than 3% of sales, and going down (!). 1st-half 2023 EV sales are down from 2nd-half 2022.
With all the hype and advertising for the electric F150, Ford sold only 4,466 units in 2nd qtr 2023. Utterly embarrassing. Equally embarrassing is that they don’t drop it. The market has spoken.
Are they stupid? Giddy to save the planet? Has government secretly said they will back the expenditure?
It appears an existential blunder on Ford’s part.
Quite – I don’t get it either – how can they commit to billions of expenditure ( with tax offsets of course ) without some indication of Government support ( more fool “them – how can they trust short termites ( that should have been “termists” but I will stick with autocorrect’s sentient comment) and have they not learned a darned thing?).
But then again, why oh why is the EU pressing ahead with “Euro 7 standard if “we” are all being corralled into EVs which have had the benefit of Government approval and/or subsidies in various ways and ICEs are yesterdays tech….. or maybe not…. just don’t get that too.
@186no
Love the auto-correction to termites. The destruction of wooden buildings by termites is indeed an apt simile to the ongoing destruction of humanity.
Hubris, followed by Nemesis?
Update.
Friends tell me the market WANTS the electric F-150. It’s always sold out.
Allegedly, the problem is they can’t make enough of them. A supply problem, not a demand problem. I see reports of problems Feb-Mar 2023, but nothing else.
Try towing a caravan with an EV
Porsche Taycans depreciate at an eyewatering rate – you might as well just burn banknotes.
Think about it. The average UK journey is said to be 8.7 miles. It doesn’t matter what you drive, the so called pollution is non existant
“Experts” seem to have bought the line that we are all jern to save the planet. We’ll yes, but most of us cannot afford to pay to do so. So the premium for new EVs versus equivalent ICEs was never going to exist in the second-hand market. What we can afford is what we can afford and with that we buy the best car we can. Then EVs are clearly a niche market anyway – those in cities with off-street parking who don’t do many long journeys. But that niche buys new.
The planet is not in danger from adverse climate changes-that scam is riddled with claptrap.
In contrast, nuclear bombs and even asteroids are a threat.
We do not have to pay to fail to avert these, just keep fingers Xd
New EV buyers don’t care about battery life as they don’t usually keep their cars for more than three years (particularly fleet buyers). Used car buyers do. If you’re a used car buyer you have the prospect of having to replace the battery if you keep the car for any length of time (or the next in line does), rendering the car effectively worthless.
Until manufacturers guarantee the batteries for an extended period the second hand market for EVs is going to be dire, and which manufacturers can afford to do that with current battery technology?
And they’d be mad to do so, particularly with all these threats that the Grid will drain batteries overnight. Who knows how quickly that woukd degrade batteries?
And now we gave city councils (Coventry, B’ham) spendi g millions on EV bus fleets. That’s a story that should be interestiing to follow….
Easy but counterproductive to follow dud orders when spending other people’s money.
All that applies to expenditures on the AGW scam, especially with all these expenses and “free” travel.
OK…one last try at logging on…for the third time
OK…two out of three comments get through. But why do I gave to logon for every comment?
Something changed. There is now an icon to enter your e-mail address instead of actual text next to ridiculous icons for logging in with Facebook or Google.
It really is long overdue that it is possible to simply subscribe to a mailing list that you can use with an e-mail client.
Yahoo could do it, groups.io can still do it.
This is what happens when you make products that the market does not want.
>>unsold electric cars
Surely the Great Reset solution to get around the problem of battery degradation leading to the vehicle becoming worthless is this: standardised batteries, easily swappable. But no manufacturer in the capitalist system would want that because it goes against the idea of the battery being squeezed in around the aesthetics and unique shape of each manufacturer’s competing offering. So, nationalise the industry (no industry? Then bulk order from China into government stores) and behold the electric Trabant!
You won’t get standardised batteries until every agrees battery technology can go no further. Until then, they will at least try and find solutions to the problems.
“they will at least try and find solutions to the problems”
They should start by repealing the Laws of Physics and placing new ones on the statute books. Isn’t that what politicians do when they want to solve a problem?
Jonathan Swift would be so impressed. /sarc
The general public aren’t as thick as the powers that be like to think we are. EVs are a sick joke!
That battery starts degrading the day you buy an EV, so who would purchase a 10 year old battery? We’ll see yards full of older EV’s in time.
Don’t remember this in their manifesto
I test drove an MG4 EV this weekend. Very nice – but I was amazed by this statement on the MG website:
“So, in answer to the question of how long do electric car batteries last, it is estimated that the batteries should last approximately 10 years.”
https://www.mg.co.uk/electric-life/guide-electric-car-battery-life
My last three ICE cars were still running fine after 20 years, but MG is admitting their new £30K EV is likely to be useless after “approximately 10 years”. Think I’ll pass.
The problem isn’t the life per se – tyres dolast ten years – but the cost.
Not so fast, Phoenix44.
It’s a £30K wager that MG4 batteries will still be available in ten years (or six?).
I think it a bad bet.
Nissan has announced they will go 100% EV by 2030…. out of business by 2031??
But what other choice do they have? This is why Sunak is a liar. As long as there WILL be a ban on ICEs, the manufacturers will switch entirely to EVs before then. Who would invest in existing ICE plant now except for basic maintenance? In say a year or two, if you were faced with a multi-million £ investment to jeep a plant going for only a few years, would you spend the money?
We will have EVs and nothing but EVs.
Just to reassure those who bought one of these virtue signalling monsters … like clacker balls, I’m sure there will be a market in 30 years time for this latest fashion fopa. You just need to find space in a garage for 30 years…. but no where near your home.
Sadly as the poor Liverpool family have just experienced with a devastating EV battery fire?
The fire was extinguished very quickly so maybe not a battery fire.
OK, thanks have yet to see that, understood.
Net Zero as a policy is basically the same as, taking the batteries out of your torch and expecting it to work without any. We certainly know now that Smart Meters are to ration electricity. So, State Control. Funny how that seems to be the solution to every govt created ‘shortage’.
A brilliant analogy!
Net Zero is a little like a chief exec of a company saying that they are going to become profitable by banning all purchase … because if they only sell things, how can they possibly fail to be profitable?
And yes … for a short time, the company will look like it is making a profit … until equipment starts breaking down, suppliers stop being paid, the workforce gets a little uppety at being expected to work for nothing.
Likewise, you can implement Net Zero … for a short time, until you start having to replace things, like anything made from plastics, like anything made from steel which needs smelting using coke.
It works for farming as well … until you start factoring in how you will produce all the fertiliser, herbicides and run the farm machinery if you don’t use hydrocarbons from petrochemicals.
When you start working it out … first you cannot have any heavy industry (no steel), then you can’t have any light industry (no plastics), then you can’t have anything near the food you need to keep people alive … because you farm output falls dramatically as you lose fertilisers and pesticides, and as most of the land gets set over to use to grow the bio-fuels to run the farm machinery and the lorries to move the little produce you are able to grow around.
Then, you look at how you will be replacing houses as they start to deteriorate (which will be a lot quicker as people can’t afford to heat their homes, and can’t afford to keep the air flow to keep the interior dry … so the lifetime of all organics in a house drop dramatically) … and you realise that the simple brick requires an enormous amount of energy for a house, and, you can’t use cement, not just because of the energy requirement, but because making limestone into cement creates a lot of CO2. So, you need, under the Nut Zero cult, to change to other materials, like wood … wattle and mud. Which, as I said, all deteriate rapidly if they are not kept dry by plenty of fuel … fuel that comes from wood, like the building materials, so, now a lot of the last remaining farmland has to be set aside to build wood. And, not is some remote location in the world, but just a few miles away, because under Net Zero you don’t have the energy to transport it long distances.
What’s the point if we don’t electrify lorries?
It will stop the illegal entrants using them to cross the channel … but we’ll have to issue the drivers with rubber boots, gloves … and rubber pants? Also, I’m a little hazy on how we’d keep up the HT when its travelling, or do you propose only having the HT when it’s stationary?
O/T but if you are a landlord or thinking of becoming one, should you be that mad, this should send a shudder down your wallet.
https://www.property118.com/landlords-could-go-to-prison-if-they-dont-meet-new-energy-rules/
The new Energy Bill will make landlords fit heat pumps etc or face jail. That’s right, jail. It gives whoever the power to ban the sale of your house if and until it meets certain standards. And we thought our houses were our castles. It’s more like our dungeons.
xxx
O/T but here’s the start of compulsion by the government. The Energy Bill will oblige landlords and eventually home sellers in to installing heat pumps and pretty much anything else they say is necessary before you can let or sell houses. Prison award you if you don’t.
https://www.property118.com/landlords-could-go-to-prison-if-they-dont-meet-new-energy-rules/
EVs have a place in the urban environment for those that want one, can afford one, and provide a charge port. We are seeing inventory pile up because that low hanging fruit has been picked.
I believe that’s true. It’s a niche market, and that market is now saturated.
Hmm, herein lies the problem. When you vote for anybody their going to claim justification because it was in their manifesto. Look at Scotland, Goebbels would be proud of what the SNP and the Greens have succeeded in doing on indoctrination of children. Keep safe. Sláinte Mhath 🥃
For 40 years I voted for the Libertarian Party Platform, hence against commie Dems and Mystical fascists alike. The 1972 Libertarian Platform of 3000 words is the real deal.