EVs keep their values and popularity grows
Second-hand car market hits new highs and Tesla 3's lead the charge
The Tesla Model 3 has been declared the most desirable used car of 2021.
Aston Barclay says the US-built electric car appeared consistently in the firm’s top 10 desirability index. This is more than any other model.
It follows the Tesla Model 3’s success in the new car market. In 2021, the 34,783 registrations ensured it was the UK’s best-selling new electric vehicle of the year and the second most popular in the entire market. It was only topped in sales by Vauxhall’s Corsa.
Martin Potter, managing director – customer of Aston Barclay, says demand remains very high in the second hand market.
“Every time a Tesla Model 3 has gone under the hammer we have seen it perform strongly,” states Potter. Such is the demand, combined with problems in the delivery of new cars, many cars are achieving new prices “or above retail money”.
He adds that “combined with its consistent new car sales performance we believe the Tesla 3 has got to be the most influential EV”.
Aston Barclay has seen a consistent rise in the desirability of used EVs during 2021. Their latest used car insights report saw prices of EVs rise by 15.7% in Q4 (£3,529) to £25,883 which reinforcing their increased desirability across the used market.
The global microchip shortage since the pandemic lockdowns has affected many technology markets. The automotive sector and the new influx of EV models remains particularly badly affected. The shortages are likely to carry on for the first half of 2022 as well. This has meant the second hand market, especially for nearly new model, has seen record demand levels and big inccreases in prices. This has also led to a lack of second-hand stock across the UK.
“Stock levels have certainly improved very slightly moving into January,” says Jon Mitchell of Indicata UK . “We expect demand to continue to exceed supply and for prices to remain very high”.
All charged up
The latest Indicata insights report finds that 2021 used car sales in the UK grew by 15.3% above 2020 levels.
Whilst used diesel sales remain the fastest-selling powertrain, BEVs (Hybrids) tied for second place at 5.3 with petrol. While EV volumes reached their highest level in late 2021, they still comprise a small fraction of total used car sales.
When looking at December’s top-seller’s table of cars less than four years of age, familiar favourite the Ford Fiesta came top. It is followed by the VW Golf and the Mercedes A-Class. Meanwhile, the Porsche Taycan and the MG3 were the fastest-selling used cars.