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The second-hand market for electric cars is not yet large. And the few models offered were supposed to be sold by dealers at discounted prices. Reason: Since electric technology has made great progress in recent years, almost no customer wants to put an “outdated” electric car in his garage and prefers to buy a new car directly. The residual values of electric cars remained accordingly low.
However, the price trend seems to be getting better thanks to the ever-increasing product range and many new models. This is illustrated by a recent analysis by Autoscout24 and data specialist Auto-i-Dat, which determined the residual values of popular and frequently sold models from the brands Tesla, VW, Smart, Fiat, Nissan, Renault, Hyundai and Skoda. examined. Accordingly, after four years of operation, electric car owners can expect almost the same sales revenue as a similar vehicle with an internal combustion engine. “This not only shows increasing acceptance in the used car market, but also highlights the increasing value of electric cars,” says Alberto Sanz de Lama, Managing Director of Autoscout24.
Almost on par with combustion engines
Residual value is an important criterion for many car buyers and provides information about how much value a vehicle has over time. How this residual value develops depends on many different factors, such as the make and model of the car, its equipment, mileage, general condition, and supply and demand. In electric cars, battery capacity, range and charging speed also come into play. After three to four years, the residual values of all electric cars examined became increasingly similar to similar combustion engines. Dealers can therefore count on solid prices for their used electric vehicles for years to come. “Currently, if you want to sell a used electric car, you will get about the same money as you would for a gas-powered vehicle, depending on the make and model,” says Sanz de Lama.
Tesla’s peak, Smart failures
However, when you compare the residual values of different electric models, sometimes there can be big differences. After four years of use, the two Tesla models 3 and S show the best residual values, reaching 47 percent of the new car value; This makes them a sought-after second-hand vehicle. Models such as VW e-Golf, Skoda Enyaq iV, Hyundai Kona, Fiat 500e, Nissan Leaf and Renault Zoe all have values between 40 and 43 percent. After four years, the Smart Fortwo is still around a third of its original new-car price; The residual values of the combustion engines studied were significantly higher, between 48 and 53 percent.
Electric cars are becoming increasingly attractive
The price development of the analyzed brands and models clearly shows that second-hand electric vehicles, especially in Switzerland, are equipped with above-average equipment and are comparable to higher quality model variants. “This also means that such cars are attractively priced for resale. The price advertised on Autoscout24 as a bargaining basis for a four-year-old electric car can still be well above 70 percent of the new car price,” explains Sanz de Lama. The car scout boss outlines that electric cars are becoming increasingly financially attractive for Swiss motorists, as fears of high depreciation due to battery condition or similar factors diminish.
The second-hand electric car market is currently growing rapidly: In October 2023, twice as many second-hand electric car ads were published on Autoscout24 compared to the previous year, with more than 10,500 vehicles. With the increasing integration of electromobility into the used car market and residual value curves becoming increasingly stable, consumer confidence in the longevity and value retention of electric cars continues to grow, according to Autoscout.
Source: Blick
I’m Ella Sammie, author specializing in the Technology sector. I have been writing for 24 Instatnt News since 2020, and am passionate about staying up to date with the latest developments in this ever-changing industry.
