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The skyrocketing supply of electric vehicles (EVs) in the used car market is hitting values.
Used electric vehicle (EV) value averaged £33,060 in mid-March, down -13% on the same period last year.
By contrast, the average price of used petrol (£16,102) and diesel (£16,236) cars rose 4.3% and 2.4%, respectively, according to data from Auto Trader.
Auto Trader said the drop in value was due to a “huge oversupply”. While the current supply of used petrol and diesel cars fell by around 20% YoY, the growth rate of used electric vehicle stocks rose by 261%.
Auto Trader gives the example of the Nissan Leaf, whose stock levels increased 313% year over year. Supply of Renault Zoe is up 235%, and Tesla Model 3 is up 148%.
This dramatic increase resulted in a drop in value – since September, the price of the one-year-old Model 3 has fallen by £8,000.
Auto Trader’s director of data and insights, Richard Walker, said: “Despite a few recent reports, it’s clear that consumer demand for EVs remains very strong, so it’s important that we dispel the myth that consumers don’t want them and that they don’t work.
“With under-5 EV parcs expected to grow 62% this year, we must work together as an industry to change the narrative and we need to change it fast to avoid being more than a hole in the road. road to 2030.
“Driving car buyers into used EVs through incentives, marketing and information to uncover them will be critical.”
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