Sales of second-hand electric cars fall 13% due to high prices

During the first quarter of 2023, Sales of used electric cars plummeted 13% In our country. The main reason behind this striking drop would be the high cost of these vehicles, which has increased notably in recent times: buying a second-hand electric vehicle costs an average of 35,876 euros, 12.8% more than in the first quarter of 2022.

The greatest reduction has been experienced by the newer models: Units less than one year old have registered a 35% year-on-year drop, while those less than three years old have fallen by 21%. On the other hand, vehicles between three and five years old have seen their figures increase by 50% in relation to the period January-March 2022.

Electric cars less than one year old account for a third of the total sales volume, those between one and three years old 23%, and those between three and five years old 28%. Therefore, 84% of the market is covered by relatively recent models. Consumer interest in second-hand electric vehicles has fallen by 37%, registering the steepest falls in the Canary Islands (-67%), Castilla La Mancha (-55%) and Cantabria (-52%). At the other extremes we find La Rioja (-5%) and Asturias (-9%).

The average cost of a second-hand electric car is 60% higher than one with an internal combustion engine, surpassing the purchasing power of the majority of potential buyers. For this reason, GANVAM (National Autonomous Group of Automobile, Truck and Motorcycle Sellers) requests that the MOVES Plan also include used electric vehicles for up to 36 months.

The Basque Country is the autonomous community with the highest average price

In the first three months of 2023, only Galicia and the Canary Islands registered a decrease in the price of used electric vehicles, 13.7% in the first case and 5.9% in the second. In the rest of the regions, the average cost rose, with Navarra (+63.6%), Asturias (+46.2%) and the Basque Country (+37.1%) leading the ranking.

The Basque Country is the autonomous community with the highest average price in the entire country, since a second-hand electric car there costs an average of 43,263 euros, compared to 30,486 euros in Galicia, which represents a striking difference of 12,777 euros. The available offer has increased by 3% thanks mainly to the specimens between six and ten years old, which have grown by 66%; however, models less than a year old have fallen by 36%.

Source | GANVAM