Tuesday, May 21, 2024

New figures: Used electric cars have never been cheaper

After a quiet period at the beginning of the year, used electric cars have again started to fall in price. And now a new settlement shows that cars have never been cheaper.

If it is a cheap electric car you are after, now is a good time to act.

A new settlement shows that used cars have never been cheaper than what is the case right now. This is shown by the German Autoscout24's price index.

Used cars in general – i.e. across fuel types – have generally fallen 1.1 percent in price level. And thus we are also approaching, when adjusted for inflation, the prices as they appeared before the corona pandemic.

It looks completely different when you look at the electric cars. Because as used they fall in price. And now we have reached a level where electric cars have never been cheaper.

READ ALSO: Hyundai owner in shock over bill of DKK 775,000

The electric cars have over a wide range – i.e. when you take their entire second-hand market into account – decreased by as much as 2.4 percent in one month.

At Autoscout24, sales manager Stefan Schneck has a possible explanation for the carnage among used electric cars. It is simply connected to a less desire among motorists.

– The stronger demand for leasing cars instead of buying new electric cars, but also the increasing number of older electric cars in stock, and the car manufacturers' discounts on them, will probably have an impact on used car prices.

– The dealers need to keep up with their offer prices when comparable new choir uniforms become cheaper, says the sales manager.

Put another way, the increasing number of electric cars is getting the price of used ones to plummet. The first owners simply move on to new electric cars. And the older the 'old' electric cars get, the less attractive they are on the used market.

READ ALSO: Danish car dealer fires all car brands

And although in markets such as Denmark and Norway things are going more than well for new electric cars, it looks completely different in many places.

In Germany, motorists are also increasingly moving away from the new electric cars. Already last year, American Mercedes dealers admitted that it was more than difficult to sell the brand's electric cars, even when brand new.

A dealer interviewed by Automotive News blames electric cars' lack of appeal. The German's cars with internal combustion engines simply attract far more people, the dealer believes.

– Our cars need to be something that motorists want. That's how it is with the S-Class.

– The model has a loyal customer group because it is something you work towards. An EQS (the electric S-Class, ed.) is not something people long to own, it says.

Read more exciting news from the world of cars right here!

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