Demand and values rise for used electric vehicles
Used electric vehicles sold quicker and at higher prices in June than a year ago, according to the latest data from Cazana.
It found electric vehicles aged three to five-years-old rose in price by two per cent across the month, taking price growth to five per cent in the last three months.
Meanwhile, popular models like the Hyundai Kona, Tesla Model 3, and Volkswagen ID.3 all sold in an average of just 15 to 16 days.
The data also found three-year-old models of all fuel types performed strongly, with average prices up 0.2% while one-year-old cars saw prices down one per cent, five-year-old values fell by 0.4%, and 10-year-old stock decreased by 1.2% decline.
Healthy demand
Derren Martin, automotive expert at Cazana, said: “The primary takeaway is the emergence of a widening sweet spot between softening wholesale trade costs and resilient forecourt retail pricing.
“Independent dealers who nudged prices down in June may be unnecessarily leaving money on the table; consumer demand is healthy enough that discounting is largely uncalled for.
“Dealers should overcome lingering historical hesitations regarding electric cars. With high-volume electric vehicles like the Model 3 and ID.3 acting as highly liquid assets that turn twice as fast as some traditional combustion-engine variants, stocking sub-20-day-turn units is critical to maximising asset turnover and unlocking immediate retail profitability.”
