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The used electric car market about to explode due to competition from Tesla and MG

Last January Tesla set off alarm bells in the electric car sector with its significant price drop. Now, the Americans have done it again by substantially reducing the rates of their Model 3 and Model Y. A movement that will have profound consequences in the new car market, but also very important in a used market that will have to return to lower prices substantially and urgently.

And it is that today a client can opt for a Tesla Model 3 Standardwith its 491 km of autonomy, Autopilot and the design of the American brand, for a few modest €39,990. An order for which you will also not have to wait long since deliveries are between one and three months depending on the configurator, at a price that, like the Long Range version, 49,990 euros and 602 km of autonomy, we can reduce with between 4,500 and 7,000 euros of government aid.

One step below we find another of the market disruptors. The MG 4. A compact that in its access version starts in the €30,690 for a variant with 350 km of approved autonomy, or in 35,190 euros for the 450 km range.

All this before aid or promotions that in the case of the MG 4 would remain in €26,190 with the 4,500 euros of MOVES III, or in 22,480 euros if we add the scrapping of an old car and the manufacturer’s promotion.

Used cars will have to drop in price

Used electric car offers at Motor.es

In practice, this means enormous pressure for an offer of used electric cars that move in the arc of 20,000 and 30,000 euros.

An offer made up mainly of cars from the years 2020 and 2021, where we find the Renault ZOE, Nissan LEAF, FIAT 500 or Peugeot 208 and 2008 among others. Proposals with autonomies similar to or less than those mentioned above, and that have seen the prices of the Model 3 or the MG stand very close to them, or even below if we add public aid.

These price movements by Tesla, as well as MG’s competitive proposal, will be seen in the coming months reinforced by the arrival of new models from brands such as BYDwhich has recently confirmed the launch of the Dolphin in our market.

A model that will be placed in the MG 4 segment, with 427 km of WLTP autonomy and a price that should be in the range of 30,000 euros before aid.

Something that will result in the used cars that are currently between 25,000 and 30,000 eurosthey will have to correct their rates if they do not want to see how customers opt for brand new models due to little or no price difference.

Proposals like the Peugeot e208, Citroen e-C4, or even the little FIAT 500which currently move between 25,000 and 30,000 euros, will have to get their act together and lower prices to between 20,000 and 25,000 euros maximum if they do not want to stay at the dealership indefinitely.

Some movements that are also taking place at a time when the production costs of electric cars continue to drop due to the sharp drop in the price of many components, such as lithium, which anticipates that in the second half of the year we will be able to see great advances in a of the issues that are holding back the expansion of the electric car, such as its prices.

Our predictions for the second half of 2023:

Model Battery-autonomy current price occasion Estimated price 2023
Renault ZOE 2020-2022 51kWh-395km €20,000-25,000 15,000 and 20,000 euros
Citroen e-C4 46kWh-357km €25,000-30,000 20,000 and 25,000 euros
Hyundai Kona 100 kW 39 kWh-305km €27,000-32,000 €23,000-25,000
Hyundai Kona 150 kW 64 kWh-484 km 30,000-35,000 euros €25,000-30,000

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