Never mind all the new electric cars arriving this year, could 2020 be the year people start buying used ones? It’s an important question since whether people are prepared to buy used electric cars and for how much will help determine how successful the new models will or won’t be.
Simply put, it’s used EVs that will provide nervous buyers with their first, more affordable experience of an electric car that one day may give them the confidence to purchase a new one. It’s used EVs that will determine how much people pay each month for a new model on a PCP. And it’s used EVs that, if they sell easily and for a profit, will give dealers the confidence to market and support the new models.
Fortunately, it looks as though EVs may have turned a corner. Consumer interest is increasing as new models with longer ranges arrive, the charging infrastructure expands and city centres begin penalising fossil-fuel cars. Sales of new and used models are growing while, crucially, the residual values of used EVs are, for the most part, stabilising and even rising in one or two cases, albeit from a very low base.
Leading auction house Shoreham Vehicle Auctions believes the market has reached a “tipping point of acceptance”. It cites the example of a 2015-reg Nissan Leaf Acenta with 20,000 miles that in 2017 was valued at £8850. Last year, the same model with the same mileage but registered in 2017 was, it says, worth £11,000.
It’s not a universal trend, though. CAP, a valuation guide, says the EV sector is a two-speed market with cheaper used EVs such as the Peugeot iOn and Renault Zoe rising in value, while premium models such as the Jaguar I-Pace, Audi E-tron and Tesla Model X are still falling.
“There is a growing market for a used EV bought for use as a second car for city commutes and we expect to see demand increase as clean air zones are rolled out and new models are launched,” says Chris Plumb, senior valuations editor at Cap HPI. “On the other hand, the high price of new premium models is yet to translate into higher used prices.”
As more EVs come to market, so the traditional laws of supply and demand are asserting themselves. For example, high numbers of two-year-old Volkswagen e-Golfs and Nissan Leafs (especially 30kWh models) are depressing prices. However, Plumb says that’s okay.
“A sign that the EV market is maturing is that used EVs are performing under the same market pressures as their petrol and diesel counterparts,” he says.
So, if EVs really have turned a corner, perhaps now is the time to consider buying a used one.
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Paying for a "presentation
Paying for a "presentation about the benefits of running an electric car" ? Jesus thats money for old rope and think of all the extra pollution people driving to this presentation in their ICE cars caused ! Talk about ironic. There really is one born every minute. Electric cars are still cars and theyre really not that different from ICE cars, this is all marketing rubbish designed for some poeple to make a quick buck and those people clearly dont really care about the environment as theyre quite happy for people to drive miles unnecessarily in ICE cars so they can make their quick buck.
Jaguar ipace 310 miles of
Jaguar ipace 310 miles of range?
Behave yourselves. 210 at the very best!
LOL
lambo58 wrote:
I thought the realistic range of the Jag was more like 260 miles.
Not evern close, the best
lambo58 wrote:
58, your IQ...doubled because you "thought" 29 sounded too low?. "Think" so little of this mag and this column, then go away. But you simply like to see your little presence in dinky blue lettering...oh and it's Mat with ONE t...shows how much attention you pay, ADHD?.
Environmentally friendly?
Also, the manufacturing of a new family hatchback produces around 9 tonnes of CO2e so, whilst all cars need replacing at some point, it's far better for the environment to keep the car you've got for as long as possible.
Still I can't talk. I've just written one off but in an ideal world...
If manufacturers build smaller cars that require less energy to move us around then we might get somewhere but if everybody has cars the size of Teslas then we're screwed.
Environmentally friendly?
Depends
It's easy enough to buy green electricity.
You're dead right about keeping old cars going. Look for a make that still works well after twenty or thirty years and then buy a 911.
Environmentally friendly?
Craigganmore wrote:
But forthcoming EU emissions rules and fines are putting many manufacturers off spending time and money developing smaller cars, which is a crazy situation all round.
Lets hop there aren't too many people like the guy in the article who hasn't had a car for twelve years, and is now going to get one because its electric. That doesn't sound too environmentally friendly....