The second-hand electric car slump will take time to stabilise. Photo: Getty As director and editor of Motor Trade Publishers Ltd – publishers of The Car Guide and The Light Commercial Guide – Gillian Keogh has her finger on the pulse of the used-car market. She keeps the country’s car-dealer network up to date on what every vehicle is worth in the current climate.
Here, she talks to Motoring Editor Eddie Cunningham about the market for used electric vehicles. Eddie Cunningham: Generally speaking, what is the market like for second-hand electric cars? Have volumes increased much over the past year? Gillian Keogh : Unlike two and three years ago when used electric vehicles were scarce and costly, the current market is plentiful, and used prices are at more affordable levels for many consumers. EC : How much depreciation can a current owner of a small electric SUV, that typically cost €35,000 new, be prepared for if they were to sell in the morning? GK : If we take it that the average driver changes their car every three years, something like a Hyundai Kona or Kia e-Niro that had a new price of around the €38,000 (post grant), or a Volkswagen ID.
3 that had a new price of €35,000, typical depreciation is around 35pc or a residual value of 65pc. EC : How much in the case of a large SUV? GK : This is where the pain hits. While these larger models have all the bells and whistles and ooze class, their three-year residual values sit at around 50pc – and 50pc of €90,00.
