Are used Electric Cars still in demand?
Hello everybody welcome my name is Richard and my main business here is selling electric vehicles so in this video I’m going to talk to you about the electric vehicle Market the used car market and is it okay how’s it doing again there’s still all those kind of newspaper headlines about prices
Dropping and such like and I’ve even seen stories that nobody wants EVs and dealers don’t want them that kind of stuff um so I’m going to talk to you about the last couple of months here and our Impressions and how we’ve been doing but then back uh back up the rest of the
Video with some data which is provided by Auto Trader so some statistics that aren’t mine basically essentially um first couple of weeks of the year a bit slow actually and then the second half of January was very busy February sort of so so in the middle now I’ve got some
Interesting data especially when it comes to the model wise a lot of model wise came on the market so I’ll show you some of that in a moment uh but it’s been doing okay we’ve seen I mean the market for used cars kind of goes a bit
Up and down like this anyway and I think if I was to summarize it I’d say we have seen seen price drops we’ve seen quite a bit of price drops from kind of mid December into January and through January so prices have fallen across a number of models uh not just with EVS
Across the whole Ed car industry there’s many models have dropped quite a lot in value but actually they seem to have plateaued out recently we need stock we have been running out of stock and so I’ve been especially this week as I was way the previous week been trying to buy
Stuff and I’ve been having to really search around and actually uh pay quite good money for cars actually I can’t just pick up cars cheap because nobody wants them how to pay good money if even resorted to sort of trade auctions a couple of times and stuff is selling and
It’s not going particularly cheaply so that goes to show uh that the dealers have actually got the demand there they’re buying it and therefore that’s because it’s selling so I think we’ve kind of reached a bit of a dip and actually now we should be fairly steady
And some of the figures here look promising so this here is some of the data that’s provided to dealers in the back background so other dealers can look at this as well called Market insights and it’s compile Bolter Trader which is the biggest UK Marketplace for
Used vehicles um and there’s quite a lot and I’ll try and summarize most of it because otherwise it’ be here for ages but I’m not going to make a two-hour presentation out of it but essentially we have seen price drops yes and I will acknowledge that and there’s some really
Good Bargains out in the news Market I mean refresh model 3 under 30,000 Porsche taan super cheap Audi rron GT super cheap rron is cheap a lot of stuff has really come down now if you’re a buyer looking to get into EVS that’s good news of course because they’re more
Affordable there’s a lot more cars out there you get good longrange cars cars can do 300 miles like the in Heros and Kos under 20,000 for good ones you know not just ropey high mileage ones but look this is what I want to get down to really is to differentiate uh Market
Health and Market health is a combination of Demand versus the level of stock out there uh it’s basically a combination of two you can have lots of demand but tons of stock and Market Health doesn’t look very good on the other hand you could have no demand and
No stock and Market Health could look good but let me BR and break this down a little bit for you the key thing is here and I’m going to summarize over the last 13 weeks because we didn’t do one of these videos in January so January February but including the back end of
Last year the last 13 weeks and what this shows is that the market Health actually for electric cars I just bring up a slide here is plus 80% now that outstrips diesel which is at 5% petrol 3% the hybrids the plug-in stuff is doing okay but Market Health at e is
Plus 80% now let me break that down a little bit more I’m going to bring up another slide here so here is uh a couple of graphs to show you and it’s a bit hard to Define it when we show it on screen here but I’ll just explain it a
Little bit the line across the top there is is Market health and again it’s been going up and down a little bit but it’s been reasonably consistent and if you go to the bottom right that shows you there about demand so how many people are on auto trade and looking for used electric
Vehicles and that demand is plus 82% and there’s a very faint line underneath it actually tracks a similar shape uh which is the previous year the previous uh same 13we period so demand is up 82% and increasing that’s good so number one a demand for electric cars
Used Market is strong and it is climbing Market Health looks quite good but you can see at the bottom left that’s the graph for Supply so there’s just more cars in Supply in the trade they’ve been around a while now so again every day there’s lots of cars that come off of
Leas companies and higher companies and um there’s just more around you know they’re more common place now not so rare like they were and that’s really why prices have come down just because there’s more around um so if I drill down a little bit more because uh large
Part of our business here is tesas and tesas obviously dominate large part of the electric car Marketplace and you can see here how demand was good then took a dip around about the new year period and then it’s gradually increasing again now so it went a bit stagnant around the new
Year period now that is quite often the case with uh a lot of these charts you know around Christmas New Year it can go a little bit stagnant but again looking at the bottom right demand for Teslas is up 37% over the course of the last 13
Weeks but again so is Supply now that kind of stagnant perod in the middle there is that because Tesla Model 3 Highland you know is coming now at this stage it wasn’t out yet um people are waiting anticipating and I think ultimately a lot of people and certainly
Feedback we’ve had from our customers and people we speak to has been saying well look the prices did drop at the end of last year the cars are worth x amount I think they just keep it for a bit longer see what happens to the market
See if prices change so a lot of people with electric cars and are kind of like well yeah I’ve lost a bit of value I’ll just stick with it and this is leading to you know the sort of steadier Supply because Supply was increasing quite
Rapid at one point now uh I’m going to drill down to model 3es which is prob be the most popular of the model 3es in used Market um and we’ve got a very similar pattern a demand increase of 47% over the last 13 weeks you know if you
Look at the new model 3 coming out you’ve got a new model is the demand for the older model in the used Market going to fall away well no again people still want these cars they’re becoming more affordable they are desirable they do want them they still have to meet Landon
Emission zones requirements and ultimately they’re getting cheaper people are looking for them uh the supply levels have been going up a little bit there but not too sharp you might have noticed that with the model 3 Highland there hasn’t been a massive influx of thousands of them at once I
Mean I collected my Highland on the first day they were launching them actually only six for being hand over handed over at that Center that day and so that kind of steady trickle out of them um is probably helping because you’re not just flooded with suddenly
Loads at once on the used Market plus the performance model isn’t out yet so people still want the performance model and they’re not upgrading yet or going on the used market and actually the demand for the uh Ed performance models has been pretty good so uh the
Interesting part though I think was with model Y and people we’ve spoken to um over recent weeks you know we’ve been telling them the these sort of numbers here um and you can see here the market Health took a dip actually below neutral now demand is there look at the bottom
Right plus 50% and steadily increasing but look at the number Supply a really sharp rise which happened during December lots more model wires coming onto the market possibly some people anticipating on the new Highland are get to model 3 um more likely because more cars got to the end of lease periods and
There’s just more com into the trade uh there isn’t a new model y out yet uh possibly later on in the year Juniper is coming but ultimately lots of model wires hit the market that led to a price stop we were adjusting some of our model
Wires down a couple of thousand in some cases so if you own a model y we were seeing price drops on those but if you look into to buy one they became a bit cheaper what we then found out over really the course of uh February here is
That okay prices did take a drop but then demand has been good we sold out of them all very quickly and so again I’ve been trying to buy some this week and get hold of them and um I had to pay quite sensible money for them and you
Know we’ve seen the demand is there for sure there’s just more around more competitive Marketplace so kind of interesting with the model y there but I think again across the board a summary would be there’s been a bit of a dip end of the year beginning of the new year as
It often is but actually things seem to have steadied out and what is crucial is that demand is still there so that’s the key thing really um and like I say I don’t think the because the Highland has been trickled in I don’t think it’s been rocking the marketplace too much now is
That deliberate act by Tesla to do that or you know they just not getting the numbers out out across this country for handovers well not sure really but It ultimately been quite good news for just keeping things a little bit calm and a little bit steady um so in this video I
Usually talk about our solar as well not too much to report there short dark gloomy days been raing non-stop I cannot wait for summer uh we’ve been running about 26% off grid here self powered from our solar here in winter in the worst days and whilst we’ve been quite
Busy charging cars as well um but I’m going to do a separate video about uh home energy and work energy and storage and stuff like that because I’ve just implemented battery storage at home and that combined with cheap overnight electricity is a really good solution I don’t actually have solar home uh I’ll
Tell you more about this in another video so if you want to hear about home energy storage solutions and how to still get really cheap charging and cheap electricity to run your house on uh there’s a video I’m going to do separately about that make sure you stay
Subscribed so that that will be coming up soon in another video U but I just wanted to really touch base and thank everyone for watching our recent videos as well where we’ve been churning out loads about the new Tesla Model 3 Highland it has been a bit repetitive I
Guess this makes a bit of a break from that um I’ve covered 4,000 miles in four weeks in that car it’s a very very good car and they got Matrix headlights now which is great just the auto wipers to sort out but I’m waiting for that update
And there’s some more videos about the Highland cominging out as well as we uh do a few more things and just put to good work it’s a very very good car uh so uh thank you to everyone who’s been watching those videos the search demands
On YouTube are there to support it so we you know we’re sort of feeding that demand and there’ll be some more and if there’s specific things you want to see on that do uh let us know and we’ll do our best to accommodate but as a Roundup
For the used devv Market uh I would say been a bit wobbly seen some price drops but demand is good we’ve been quite busy and if you’ve got a car to sell uh and it’s electric last time I said this we had emails and calls from people with
20y old pojo 106s and stuff like that if you’ve got an electric car especially model 3 Model y uh let us know now we might be able to offer to buy it from you or we might offer to sell it on brokerage brokerage is where we simply
Sell your car for you get you whatever the current retail money is for it we deduct a commission and the money you get back afterwards usually outweighs your trade price offers by quite some way you can do quite well out of it so not a way suitable for everyone but a
Really good solution if you want to know more about that again get in contact and let us know so uh that’s it for me for now nice short video just a touch base at the end of February here rolling into March now hopefully the days get longer
And summer comes through and we see the end of all the rain we’ve had uh so again thank you for watching and we’ll see you on some more videos very soon I hope
End of February 2024 update (including end of January as we missed that one, sorry!)
I run through how the used car market is for used Electric Vehicles. Not just my own opinions but giving statistics from Autotrader Market insights.
There have been price drops over the last couple of months (not just with EVs but across a lot of the used car market) but actually I think they’ve steadied off now and restocking hasn’t been too easy. Sales have been pretty good and were low on stock right now. Buying stock has needed some serious hunting and paying fairly strong prices.
How has the new Tesla Model 3 highland affected the market in particular? Well actually as they are being somewhat trickled out it hasn’t caused too much disturbance. 2021 refresh cars with heat pump are certainly in demand now they can be found for under £30,000. I think they’re great value now. Porsche Taycans and used Audi e-tron also amazing value for buyers, albeit painful depreciation for owners needing to sell. Trouble with such cars is they make a lot of sense new for many of their buyers because of the tax benefits when buying through a business, but this has led to big drops on the used market.
I think many people have decided not to sell because their cars values have dropped.
But the key data here is that demand for EVs / Electric Vehicles is good!
I hope this gives an honest insight and if you need to sell your EV please get in touch. We will consider buying but can also offer a brokerage service which is a great way to get the most for your car and usually returns much more that trade values.
Thanks for watching.
Richard Symons
R Symons LTD “RSEV”
EV Specialist based in New Milton, Hampshire on the South Coast near Southampton and Bournemouth
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