Prices of Used Electric Cars Plunge
It’s not good news for the climate change zealots who’ve been urging us all to trade in our cars for EVs. Used electric vehicles (EVs) have plunged in price by £14,000 amid a flood of cheaper Chinese models entering the UK market. The Telegraph has more.
An influx of cheaper Chinese vehicles and a greater willingness among Britons to opt for less well-known models are helping to push down prices for what was once a luxury product.
Cazoo said prices could drop to £20,000 over the next year as EV drivers cash in on old vehicles, boosting supply.
It comes amid an 87% jump in global exports of Chinese EVs last month compared with a year earlier, with the total falling just short of 200,000.
While sales in Mexico and Asia led the way, exports to Europe rose by almost two-thirds to 43,000, according to figures from China Customs.
According to a survey from Cazoo, the UK has also seen a significant decline in “badge snobbery”, with six in 10 Britons open to buying Chinese EVs instead of better-known marques.
This is despite Cazoo reporting a “very low” awareness of actual brands, with only 40% having heard of BYD, dropping to 12% for Jaecoo, despite Jaecoo having 90 dealerships across the UK.
Lucy Tugby, from Cazoo, said: “We expect to see more Chinese EVs from the likes of BYD start to make their way to the second-hand market, as early adopters of these vehicles a couple of years ago upgrade to newer models.
“As these brands continue their aggressive expansion in the UK, we will see them gain more of a share of both the new and second-hand markets in the coming years.
“EV buyers tend to be far more technology-led, rather than brand-led, especially amongst younger drivers. And these new brands can offer huge savings.”
While around a fifth of new cars sold in the UK are now electric, EVs still account for fewer than 5% of all cars on the road.
Worth reading in full.
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Another triumph for European governments who hate the people they serve, and the self loathing virtue signallers who facilitate them. Our clean, green industrial boom – world leading car industry destroyed, replaced by Chinese imports.
You are right, these zealots deserve to lose money but I do feel sorry for people who have trusted them on face value, but I suppose they should pay more attention to what is going on at the moment.
But from what I can make out the ownership of vehicles won’t be necessary, I’ve been following Robotaxi in the USA. It’s now becoming so reliable that owning a car outright seems unnecessary. If people want to expend large sums of money on cars that’s their choice, but from what I can see going around in a taxi at a very affordable cost will become more attractive. So it will reduce the number of cars standing idle most of the day, free up road space and so on. There was a power outage somewhere in the US, the waymo cars just stopped but the robotaxis just shrugged it off and kept going.
I don’t know anything about Robotaxi. Taxis are indeed an efficient way to utilise resources where the utilisation can be kept high enough, which is surely much more applicable in cities. We were carless for 20 years in London – just spent the money we saved on taxis when public transport was not the best option. But I can’t see it working anywhere with lower population densities. I live in a county town surrounded by countryside – I do shorter journeys on foot or by bike, trips to central London by train. Everything else is in the car.
Yes. It’s difficult if you are rural. There’s a lot on YouTube, it’s the usual thing, some like it to big it up and other don’t so try to downplay it. But there’s enough to see them in operation. I’ve been keeping an eye on it for a few months now and it’s impressive but people can judge for themselves.
i used to travel up and down the country on business but since retirement I don’t need a car. A complete waste of money for me, I’ve retired abroad where they have trams but I use taxis if necessary. I think the trams will automate eventually, in fact I think the tram expansion is a mistake, maybe autonomous vehicles will take over. We will see.
I also quite like the fact that cars are not subject to providers like train drivers going on strike.
Another aspect of this that IMO should not be disregarded is the human element. Driving a car is a big responsibility – probably the biggest that most people face in terms of their own physical safety and that of others. I think that’s a positive. This video which I watched early on during “covid” partly persuaded me to stop being lazy and and buy a car – I had not driven for 20 years: https://youtu.be/XxONOUwOX80
Yes, it’s nice to have a choice. I’ve done similar to you, stopped driving, then started again. Now I’m not in the slightest interested in owning a car. But I live in a town, probably have different views if I were rural. But modes of transport change, someone may come up with a way provide services to rural communities. Owning a car is expensive so depending on circumstances and distances travelled it could be very expensive per mile
Our local buses are often empty. Vicious circle – less frequent, so less appealing, so less frequent. I often think it would be cheaper to give taxi vouchers to people too poor or otherwise disabled to own a car.
Owning a car is expensive and a pain but living outside a city it’s the only viable option if you want to have choices. Also as soon as there is more than one person travelling it becomes competitive on price with train travel.
I also actually enjoy driving – it’s “me” time with some music and the challenge of driving smoothly and safely.
Dont believe everything you’re told that the Chinese ev industry is in a mess, it’s no more than a pyramid scheme to get the next round of govermament subsides, and will collapse sometime next year.
The cars are crap, cheap steel and cheap everything else, if you want to waste a good few grand buy one, you’ll regret it!
numerous reports and industry analyses indicate that the massive state support for the EV industry has created an unsustainable market characterized by overcapacity, brutal price wars, and financial instability. The Chinese government itself has expressed concern and begun to wind down some national subsidies and so as the ceo of byd
Not interested in an EV regardless of where it comes from.
Same here. No F W !
Same here. I have a 22 year old Honda. Best car I’ve ever owned. I keep it well maintained and don’t plan on getting rid of it for another 20 years, if that’s feasible. It’s arguably far greener than buying new every few years.
Same here. I’ll be buying a new petrol car either this year or next.
I will be buying a very low mileage petrol car as near as possible to the 2030 deadline.
It should read
“We expect to see more Chinese EVs from the likes of BYD start to make their way to the second-hand market, as early adopters of these vehicles a couple of years ago upgrade to a petrol model.”
Good luck selling a used Burn Your Driveway, let alone a Jaecoo! 🤣
No sane person should have a problem with the idea of finding alternative/complementary forms of fuel. I have no interest in EVs for a number of reasons: they are being used as part of the command and control agenda, the infrastructure isn’t mature enough, they’re soulless to drive. Fix those issues and I’ll think about it.
The devaluation on EV’s is eyewatering.
‘Cazoo said prices could drop to £20,000’ what an odd statement – is there one fixed price for second hand EVs? Still I suppose they will say whatever they like to get free advertising in the national press.
I was just watching Our Guy In Vietnam and he visited a huge automated car factory there called Vinfast that was expecting big things. So I had a look to see how Vinfast were doing now…..oh dear. Last month in response to their trading update shares dropped 12% as they continue to struggle to make a profit. They have a second string to their bow in battery powered bicycles and scooters which are selling well in Vietnam where they have an on-street locker system for changing the battery. Might also do well in India but no need for a great big factory.
In other good news, Polestar have closed their UK R&D unit after it had produced 2 new designs for next year but are continuing to be propped up by cash injections from parent company Geely as they have bever made a profit and are not close to.
And if you thought a hybrid car was better be aware that they have a much higher death toll in accidents that normal cars or even battery cars.
How much does it cost to scrap an EV? I believe that scrap yards maintain an exclusion area around them. They have to remove the battery without causing a breach. So the yards will have to be paid rather a lot and people will be willing to sell for less to get rid.
I was a firefighter for 33 years in one of the country’s large metropolitan areas. I recall in the late 1990’s early 2000’s when fridges/freezers containing CFCs were banned. Local Authorities would pay companies to stockpile them to remove the CFCs. All that happened was we would regularly attend large fires involving these ‘fridge mountains’ that would burn off the plastics leaving piles of scrap metal suitable for recycling. Probably caused more damage to the environment over time than the CFCs. Just wait for the ecological damage when ‘EV mountains’ start to burn….
I’m sure they’ll be even more mysterious fires of vehicles after owners have had them on sale for a month or two with no luck…
Yes, good point…and the burden will fall on increased insurance premiums
Huh? Surely EVs becoming cheaper is a good thing?