By Paul Homewood
h/t Ian Magness
The Telegraph have totally lost the plot now!
Bargain-hunting consumers are fuelling a surge in used electric vehicle (EV) sales amid a slowdown in the new car market.
Some 46,773 secondhand electric cars changed hands from April to June this year, an increase of 53pc compared to the same period last year.
That represented a record 2.4pc share of total used sales, up from 1.7pc previously, according to the Society for Motor Manufacturers and Traders (SMMT).
Petrol and diesel vehicles accounted for 92.4pc combined, with hybrids making up the remainder.
There has been no “surge in demand” for second-hand EVs. There are simply more of them on the market, as three year old cars reach the end of their leases, reflecting the increase in new EV sales in 2021. (Remember too that car sales were depressed during the lockdowns in 2020).
And as the market has been flooded, the value of second hand EVs has plummeted. As the Telegraph notes, although new EVs typically cost £10,000 more than a proper car, second hand prices are little different.
This is not “good news”, as the SMMT’s Mike Hawes believes; it is horrific news for new buyers, who now face crippling depreciation. And as more and more EVs find their way into the second hand market, second hand values will go even lower.
Meanwhile, even car renters don’t want to buy EVs:
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As ever, the comments section exposes the Telegraph’s nonsense:
