Wednesday, June 19, 2024

Used electric cars plummet again in price, survey shows

Back in April, it emerged that used electric cars have never been cheaper. However, the bottom level has not been reached because the cars continue to fall in price.

If there is one thing that is certain in the world of cars, it is that you can and must expect a loss of value. For the electric cars, however, it looks extra bad.

Back in April, German Auto Bild wrote that used electric cars have never been worth less. But that doesn't mean the bottom has been reached.

Because the same used cars only continue to rattle down in price. And now we are where, for the first time, used electric cars are 'worth as little' as used petrol and diesel cars.

This is shown by an analysis from Deutsche Automobil Treuhand.

READ ALSO: Ford recalls 5,000 cars with fatal factory defect

Another settlement shows that electric cars generally lose an awful lot in value. Also significantly more than the 30 percent that you initially have to expect to wave goodbye to when you buy a brand new car. Read more about it here.

According to the German analysis, three-year-old electric cars lost an average of 18 percent of their value between April 2023 and April 2024. In comparison, petrol and diesel cars lost 6 percent.

The difference, says DAT, is due to, among other things, the enormous uncertainty among car buyers at the moment. An uncertainty that is only helped along by the car brands, which are busy undoing their goals for electric cars. Read more about it here.

On the other hand, the argument that electric cars are more expensive than cars with a combustion engine no longer applies. At least not when it comes to used cars.

However, it is also connected to a market where interest in electric cars has just now found reverse gear. In Germany alone, just 44,000 used electric cars that were on sale in the first 4 months of 2024 changed hands. This corresponds to a market share of 2 percent.

And although the DAT report shows that 30 percent of drivers at least consider whether to keep a brand new electric car in the garage, only 13 percent of drivers actually consider buying an electric car on the used market.

45 percent of motorists basically rule out used electric cars. Among other things, because they believe that the technology in electric cars is still associated with too much uncertainty.

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

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