- Some used EVs are now cheaper than equivalent ICE cars
- Dealers invest in £8-15,000 stock in response to growing consumer demand
- MG, Tesla and BMW appear twice in September desirability index
Dealers are increasing their used EV stock as some cars become cheaper than their equivalent used ICE models according to Aston Barclay.
The latest September used EV desirability index saw sales of lower value used EVs at between £8-15,000 increase at auction, as dealers respond to the growing demand from consumers based on affordability.
Aston Barclay saw the demand for used EVs increase during August and into September at auction as consumer demand continues to rise as they begin to understand that many zero emission cars now represent very good value. Greater demand has in turn driven improved conversion rates at its weekly Donington used EV sale.
In some cases, used EV prices have even risen slightly on the back of the increased demand, which spells positive news as more stock will filter into the market on the back of the September plate change in the coming weeks.
Six out of the top 15 places in Aston Barclay’s September desirability list were taken up by two cars each from MG, Tesla and BMW with the respective MG4 and 5, Model 3 and Model Y and the iX1 and i3. This reflects MG’s long-term value position on new EVs and Tesla’s price realignment strategy which has knocked several thousand pounds off its model range.
Only the BMW iX1 in first place, the Porsche Taycan in second place and the Mercedes EQC in 15th place represented used cars of over £30,000, with the rest at the value end of the market.
“The last five or six weeks have seen an improvement in used EV sales and we hope this continues over the coming weeks and months. Many prices have stabilised as dealers begin to understand just how good value used EVs are. Some EVs are now cheaper than equivalent ICE cars which is bringing consumers into the dealership and building enquiry levels,” said Nick Thompson, Aston Barclay’s chief customer officer.
“The sector isn’t out of the woods yet but small improvements in all key dynamics of supply and demand are visible as we move into Q4,” he added.
Aston Barclay’s monthly desirability index takes into consideration three key metrics: web views prior to sale, number of physical and online sale bids, and sale price achieved as a percentage of CAP average.
