Research by online motor marketplace AutoTrader revealed the average price for a used EV has dropped by 21.4 percent this month.
Marc Palmer, AutoTrader’s head of strategy and insights, told Mail Online: “The used market will now be slower to mature. There will be fewer new EVs registered and fewer used cars coming to market. [emphasis, links added]
“There will be sections of the public, especially those who are skeptical, 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” switching to electric.
“A lot of things are up in the air”, he added.
Elon Musk’s popular Tesla brand has been one of the worst affected, as well as other high-end models from BMW and Mercedes-Benz.
These companies saw their average cost fall up to 24.1 percent each year.
Tesla has already slashed UK prices of its new cars multiple times in 2023, which in turn has also hammered the value of secondhand models.
Motorists looking to buy one of their electric cars off the forecourt can now expect to find an average price tag of £32,463 [$39,735].
Meanwhile, according to figures reported by The Times, EVs were at their most expensive during the summer of [2022] – when secondhand motors went for up to £51,704.
Luxury used electric motors saw prices slashed by more than £10,000 [$12,240].
Umesh Samani, chairman of the Independent Motor Dealers Association, has attributed the plummet to Rishi Sunak’s delay on the petrol and diesel car ban.
The dealership expert said recent changes have allowed “everyone some breathing space.”
On why drivers may be hesitant to purchase an EV, he said: “It has been so volatile, dealers have been very frightened of getting involved with EVs.
“Many of our members have been stuck with EVs on their forecourts that they cannot shift, even as they are falling by £2,000 [$2,448] to £3,000 [$3,672] a month.
“That’s a phenomenal amount.”
Read rest at The Sun
Let’s see now. Give up a limo, buy an EV, then go live without any electricity? You know, I think some of them would think that’s a great idea…..
So will any of those UN Grand Pooh Bahs go and live without any electricity and when will they quit their Limos for a EV?
Let’s see now. Give up a limo, buy an EV, then go live without any electricity? You know, I think some of them would think that’s a great idea…..
Guinea pigs have no choice but to be used in laboratory tests, it’s their fate. Why would anyone pay thousands of dollars to be an EV test dummy? More money than brains? There is no good reason to by an EV in the first place. They are pet rocks.