Used Car Values !!

JKenH

Used Tesla Model 3 demand drives electric vehicle values higher

The high demand for used Tesla Model 3s has contributed to greater bid volumes and higher conversion rates for electric vehicles (EVs) at auction during May and June, according to Aston Barclay.

It saw the Tesla Model 3 top its June EV desirability index with recent price corrections in both the new and used markets further creating demand for the all-electric saloon.

“While the price reductions announced by Tesla haven’t been widely popular in the industry it has made the Model 3 more affordable to second-hand buyers which has fuelled demand.

https://www.fleetnews.co.uk/news/latest-fleet-news/electric-fleet-news/2023/06/13/used-tesla-model-3s-in-demand-at-aston-barclay

Grumpy_chap

It must be difficult for used car traders, though.
I recently saw some used TM3's no cheaper (or even more expensive) than equivalent vehicles brand new from Tesla.
I suspect, with quarter-end approaching, the Tesla discounts on inventory will cease and that may return a price differential between new and used back into the system.

JKenH

Used car prices drop 1.4 per cent in June – but there’s definitely no crash coming

Petrol and diesel cars fell at the same rate during the month, dropping 1.3 per cent.

It was hybrids that really suffered, though, falling 2.3 per cent – the worst performing category of the month.

Martin said the fall in values of electric vehicles – which have now dropped 40 per cent in just nine months – is beginning to taper off with a 1.9 per cent drop in June.

Martin explained that it was still a very mixed picture for EVs with some – like the Tesla Model 3 – even rising in price.

https://cardealermagazine.co.uk/publish/used-car-prices-drop-1-4-per-cent-in-june-but-theres-definitely-no-crash-coming/286077

JKenH

Used car prices rising at fastest rate this year despite EV values continuing to plummet – Auto Trader

Analysts say the strength and stability in second-hand retail values is continuing to be driven by an ‘imbalance in market dynamics’.

They found that used car supply, which has been affected since the start of the pandemic and the subsequent shortfall in new car production, was down 4.1 per cent year-on-year in June, whilst consumer demand was up 2.3 per cent.

Whilst consumer demand for second-hand EVs was up six per cent in June, it was been unable to keep pace with the sharp increase in availability, with supply growth up 174 per cent last month.

https://cardealermagazine.co.uk/publish/used-car-prices-rising-at-fastest-rate-this-year-despite-ev-values-continuing-to-plummet-auto-trader/286455

Ganga

Finally got rid of my 19 year old Astra ,p/x for a Dacia Sandero ,not the most expensive car ever made ( in fact one of the lowest ) but still under manufacturers warranty and only 6 K miles on the clock ,at my age ,73 plus i am getting to the point where i do not want to lie under a car anymore so this motor should see over the line ,even for a budget car it has hand free mobile connection as well as a lot of other tech gagets and drives well ,it even came with a spare wheel rather than a gas bottle and liquid cement tyre repairer,the garage would not move on the price to start with but when i asked if he would take £x with mine thrown in he checked what it stood them at and we had a deal.

JKenH

Used car retail prices rise for 40th consecutive month, according to latest Auto Trader data

• Average used car price rose 2.4 per cent to £17,920 in July
• Demand still to outstripping supply, keeping prices high
• Used EVs continue to haemorrhage value

While demand continues to outstrip supply in the used car market as a whole, one sector where the opposite is true is in EVs.

Supply of used electric vehicles rose by a whopping 173.6 per cent in July with demand failing to keep up with those levels.

As a result, the average retail value of used EVs fell by 21.3 per cent to £31,568 last month – the a seventh consecutive month of year-on-year decline.

Since their peak in July last year (£40,728) prices have dropped more than £9,000. In contrast, used petrol prices have risen by 4.7 per cent in the same period and used diesel prices by 4.9 per cent.

https://cardealermagazine.co.uk/publish/used-car-retail-prices-rise-for-40th-consecutive-month-according-to-latest-auto-trader-data/287960