The used market is seeing a “surge in interest” from dealers to buy sub-£10,000 used EVs following the rise in fuel prices caused by the Middle East conflict.
Shoreham Vehicle Auctions (SVA) has seen every used EV below £10,000 find a buyer in its weekly Monday dealer part exchange and Thursday fleet and finance sales.
Every EV has received multiple bids and wholesale prices are now rising as dealers buy cars to satisfy a growing consumer demand to reduce their motoring costs amid oil prices that have risen to over $80 a barrel.
“It’s a brutal way for the used EV sector to build dealer and consumer confidence, but when an electric car is saving a consumer hundreds of pounds each month compared with petrol or diesel then it’s a win win for them,” explained Alex Wright, managing director of Shoreham Vehicle Auctions.
“With no sign of the Middle East conflict ending and oil prices likely to stay high we expect this surge in demand for cheaper EVs from dealers and consumers to continue. The fuel prices might also encourage used car buyers with a larger budget to buy electric for the first time,” he added.
The used EVs currently wholesaling at between £8-8,500 and retailing at just under or at £10,000 are the Renault Zoe, Nissan Leaf, VW e-Golf, MG5 EV, the early Hyundai Kona and Kia e-Niro. The BMW i3 is also popular but volumes coming into the market are low.
“The new 26-plate has arrived just at the right time as it should divert a number of ex-fleet, PCP and salary sacrifice EVs back into the used market,” said Wright.
