Sales of used electric cars fall, but not new ones
While electric vehicle sales in Spain have increased steadily throughout March and the first quarter (+62.7%), we cannot say the same for used transfers or sales of used electric vehicles. Sales have decreased 12.8% from the first quarter of the previous year.
According to statistics gathered by coches.net and Ganvam, the percentage of electric vehicles under five years old currently for sale has dropped significantly to 84%. The age group from 5 to 15 years, where transfers have grown, but their market share reduced has not seen this. That is owing to the evident reality that the commercial offer was extremely limited, thus, if they were not enough new automobiles available in the past, there will not be enough used cars available in the future.
The average sale price is declining. According to the sources, the average price offered for them is 35,876 euros, which is the same as 12.8% more than in the first quarter of 2022. Due to rising new electric car pricing and months of strong demand, secondhand electric vehicle prices have risen.
However, it must be remembered that there aren’t as many intriguing models after five years. The Tesla Model 3 wasn’t yet available in Spain, and a majority of the variants were functional rather than sporting the largest batteries at the time of their separate commercial releases. Models like the Nissan LEAF, BMW i3, or Renault ZOE have more than once improved the battery’s initial capacity.
The supply and demand curve eventually compels a downward price adjustment to maintain demand as prices increase and become less appealing. These pre-owned vehicles cost, on average, 60% more than their combustion-engine counterparts, which are considerably easier to trade in. On the other hand, utilized transfers older than nine months are not covered by the MOVES Plan.
Galicia has the cheapest rates overall, averaging just 30,486 euros, while the Basque Country has the highest prices, averaging 43,263 euros. Each region has a diverse mix of vehicles, and better-income areas typically have electric automobiles with a higher average cost. Another important statistic is the supply, which has increased by 66% for vehicles aged 6 to 10 years old but decreased by 36% for vehicles older than one year.
As we can see, the Renault ZOE, clever fortwo, and BMW i3 are the used electric vehicles that are traded in for the most. Several of the models on this list are no longer available as new vehicles, either because production has ceased or as a result of exorbitant prices (in the case of the Tesla Model S). Recent price reductions in certain brands haven’t helped the old ones, especially the newer ones, sell any better.