Used EV ‘revolution’ now underway

The EV revolution in the used car sector is gathering pace, according to new research from automotive analyst Glass’s.

© Provided by Motoring Research
Renault Zoe

In a recent investigation into the used car sector, it discovered around 7,500 second-hand battery electric vehicles for sale. When it conducted similar research 15 months ago, there were barely 1,500 for sale – a growth of more than 130 percent.

Glass’s says this is leading to used car buyers beginning to see EVs as an affordable option compared to traditional cars.

The sweet-spot for used car prices, reckon dealers, is around £5,995.

Although new EVs are expensive, used EVs are within reach of far more people. Indeed, a 10-year-old Nissan Leaf can be found from around £4,000 if you look hard enough.

The Renault Zoe is another popular electric car that is increasingly available for prices around the used car sweet-spot.

Residual values on the up

Residual values of EVs are also beginning to improve, after early disappointment in this area.

Back in early 2018, the average retained value of a five-year-old Nissan Leaf was barely 15 percent; within 18 months, this doubled to more than 30 percent.

It has since dipped, to around 25 percent, as growing numbers of cars enter the marketplace – but today it has levelled out, indicating sustained interest in EVs despite the impact of Covid-19.

Glass’s editor Jonathan Brown says the firm’s analysts will now watch the EV market with interest, paying particular attention to significant numbers of cars expected to enter used car channels over the next three years.

The used EV marketplace, says Glass’s, is set to expand rapidly, to reflect the sharp increase in new EV sales – meaning both the amount of choice and the affordability of EVs will only improve further.

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