Secondhand car price crash? (Vol. 2)

[Fast Bug]

We won't buy used EV unless it's a part exchange

[macron]

Fast Bug said:

We won't buy used EV unless it's a part exchange

And what barometer do you use to determine the value to you, and price you'll give the customer?

[r3g]

Fast Bug said:

We won't buy used EV unless it's a part exchange

What are your concerns buying used EV as a trader, just out of interest? There are threads elsewhere saying nobody wants them except for companies buying them new as they cost about £2.50 to buy with all the tax incentives.

[stevemcs]

r3g said:

What are your concerns buying used EV as a trader, just out of interest? There are threads elsewhere saying nobody wants them except for companies buying them new as they cost about £2.50 to buy with all the tax incentives.

I’m guessing it’s value, pay 20k for it and one moth later it’s probably worth 18k.

[ACCYSTAN]

I know a few Indis who will only take electric as part ex

Part of it is the unknown when it comes to batteries, the other part is the fear of further devaluation, and the final thing they mentioned was slow to sell.

All seem fair reasons unless you pay below book value to protect yourself

[confused_buyer]

ACCYSTAN said:

I know a few Indis who will only take electric as part ex

Part of it is the unknown when it comes to batteries, the other part is the fear of further devaluation, and the final thing they mentioned was slow to sell.

All seem fair reasons unless you pay below book value to protect yourself

The problem is you can buy below book and then by the time the car is delivered you've paid book or over.

LEAFs for example were marked down by 10% last month, and they are not the only ones who suffer regular drops like that.

The book price on most EVs is simply wrong anyway with the prices unachievable in the real world.

[Fast Bug]

confused_buyer said:

The problem is you can buy below book and then by the time the car is delivered you've paid book or over.

LEAFs for example were marked down by 10% last month, and they are not the only ones who suffer regular drops like that.

The book price on most EVs is simply wrong anyway with the prices unachievable in the real world.

100% this. Plus we don't have the demand for used EV so they can sit in stock for a long time attracting large book drops each month.

We sell a decent number of new EV each month, however the vast majority come via the fleet department and not retail

[ChrisH72]

What that says to me is if you want an EV it's better to lease one.

I think that's the way things are heading with new cars in the future. Not sure where that leaves the private buyer.

[Sheepshanks]

ChrisH72 said:

What that says to me is if you want an EV it's better to lease one.

I think that's the way things are heading with new cars in the future. Not sure where that leaves the private buyer.

I’m looking at an EV to do 15-20K/yr and the lease costs seem to get a bit mental - I guess it makes sense as if it’s hard to sell used ones with low mileage it’s going to be almost impossible with chunky mileage on them.

It’s looking like it’ll be cheaper to buy a low mileage used one even if it’ls close to worthless after we’ve put another 60K on it.

[confused_buyer]

Sheepshanks said:

I’m looking at an EV to do 15-20K/yr and the lease costs seem to get a bit mental - I guess it makes sense as if it’s hard to sell used ones with low mileage it’s going to be almost impossible with chunky mileage on them.

It’s looking like it’ll be cheaper to buy a low mileage used one even if it’ls close to worthless after we’ve put another 60K on it.

Mileage certainly seems to have a disproportionally big effect on EV values compared to some ICE, particularly as they approach whatever the mileage limit is on the battery warranty.

[Strocky]

NRG1976 said:

So after all the nonsense spouted by posters saying that cars would be plummeting to zero by end Q1, what’s their view on what we’ve seen?

People been crying wolf since 2020 - 4 years on always best to reflect and think about all the fun you’ve missed out on !

Calling out hyperbole by using hyperbole, you've just broke the internet

[Greenmantle]

ACCYSTAN said:

I know a few Indis who will only take electric as part ex

Part of it is the unknown when it comes to batteries, the other part is the fear of further devaluation, and the final thing they mentioned was slow to sell.

All seem fair reasons unless you pay below book value to protect yourself

That's great news for the likes of me.
In the market to replace my daily.
Will be an electric purchase since I keep my cars for ages.
Already looking with an asking price of £24K and WBAC is at £18K.
Happy to split the difference.
Cant see any trade doing that!

[g40steve]

Greenmantle said:

That's great news for the likes of me.
In the market to replace my daily.
Will be an electric purchase since I keep my cars for ages.
Already looking with an asking price of £24K and WBAC is at £18K.
Happy to split the difference.
Cant see any trade doing that!

This is why folks won’t dip a toe into used EV’s.
Take any reg on AT bang in WBAC & you could easily have a couple of holidays on the difference.
+ a month later the EV’s plummeted in value more.

I fancy HondaE, Kona or Niro but not at current expectations.

[PinkHouse]

g40steve said:

This is why folks won’t dip a toe into used EV’s.
Take any reg on AT bang in WBAC & you could easily have a couple of holidays on the difference.
+ a month later the EV’s plummeted in value more.

I fancy HondaE, Kona or Niro but not at current expectations.

Same I fancy an EQS when the price starts with a £2X,XXX or a Taycan at £3X,XXX

[g40steve]

PinkHouse said:

Same I fancy an EQS when the price starts with a £2X,XXX or a Taycan at £3X,XXX

Won’t be long the way prices are going

[Patch1875]

Just sold my car on Autotrader. Took about 10 days to sell had it up a bit high to start with but had zero interest first few days . Dropped it down a bit so it went under 20k and started to get a few enquiries and it’s just gone to a trader for 18k. Relatively happy with that and was pretty much what I was expecting it to be around.

[nickfrog]

g40steve said:

Won’t be long the way prices are going

I am seeing EV prices stabilising and if not flat lining of late, perhaps ove the past 4 months or so.

Do you see it differently?

They don't seem to hang around when well priced either.

Did you see the recent posts about Polestars 2 and Model 3 selling quite quickly?

They might be outliers of course!

[RayDonovan]

A LR Model Y was listed on AT this morning for £29,999 and sold (well, reserved) straight away.

'22 plate and around 60k miles.

Low mileage '21 & '22 plate Model 3s are also moving quick from what I've observed.

[Deep Thought]

nickfrog said:

I am seeing EV prices stabilising and if not flat lining of late, perhaps ove the past 4 months or so.

Do you see it differently?

They don't seem to hang around when well priced either.

Did you see the recent posts about Polestars 2 and Model 3 selling quite quickly?

They might be outliers of course!

I had noticed that with i4s. If anything they have increased a little - looking at AUC ones.

[confused_buyer]

nickfrog said:

I am seeing EV prices stabilising and if not flat lining of late, perhaps ove the past 4 months or so.

Do you see it differently?

They don't seem to hang around when well priced either.

Did you see the recent posts about Polestars 2 and Model 3 selling quite quickly?

They might be outliers of course!

Some have, some are still in freefall IMO. Teslas seemed to have stabilised unless they have high mileage. LR seem particularly in demand. Model 3s seem to really begin to struggle once they hit 80k and future owners suddenly see the potential for the battery warranty to run out during their ownership.

Nissans, MGs, some Kias, FIAT (in fact all Stellantis) seem to still be struggling.