- Prices of some used EVs have fallen by a few thousand pounds
- Sweet spot of the used market remains at sub-£10,000
The fall in demand and prices for used EVs in October and November has encouraged dealers to buy stock in the wholesale market during December.
The resulting Aston Barclay’s desirability index saw the Tesla Model 3 lead the way in December closely followed by the Renault Zoe, while the Nissan LEAF appeared in ninth place. The Peugeot e-208 made the index for the first time in 14th place.
The Dacia Duster made a surprise entry in fourth place while the VW Polo appeared in 10th place, reinforcing that the rising cost of living continues to influence dealers to stock lower-value used cars, particularly in the sub-£10,000 bracket.
“The wholesale used market has changed again as it gets closer to Xmas. Some dealers are investing in used EV stock as prices have fallen by a few thousand pounds on some models,” explained Mark Hankey, Aston Barclay’s chief revenue officer.
“Dealers are expecting the used market to bounce back in early 2023 so are investing in stock now while prices are lower. The sweet spot of the used market remains at sub-£10,000 due to the rising cost of living and we expect that to continue during 2023,” he added.
The demand for higher value used premium cars meanwhile has reduced for the first time this year, with the Porsche Cayenne the highest place premium used car in the index in third place followed by the Range Rover in fifth place and the BMW X4 and X5 in sixth and seventh.
“Dealers are still buying higher value used cars to order but have switched their attention to lower value used cars to cover off expected consumer demand during Christmas and into January,” said Hankey.
Aston Barclay’s monthly index takes into consideration three key metrics: web views prior to sale, number of physical and online bids per sale, and the sale price achieved as a percentage of CAP average.