Used Electric Car Prices Dropping
Economies around the world have been bonkers the past several years, since COVID hit. That has been more evident in the auto industry more than most others, probably because cars are such expensive products and get so much attention. One thing we saw as inflation started increasing was record high car prices, and that included used car prices as well as new car prices. And this has especially been the case in the electric vehicle market.
“There are currently circa 15,000 used EVs for sale each day on Auto Trader, 29% of which is now under £20,000, which is up significantly on the 7% recorded in August 2022. The exciting thing is that some electric models that have gas-powertrain equivalents have dropped below the latter in price on the used car market. For example, a 3-year-old Jaguar I-PACE is currently £600 less than a 3-year-old Jaguar F-PACE.
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