Increased sales of used electric cars

A whopping 66.6 percent. That's how much sales of used electric cars increased during the first six months of this year, compared to the same period last year. And what happens to the prices then?

– More and more used electric cars are coming onto the market every day, which is helping to stabilize the price level and reach more reasonable levels. There has been a lot of discussion in the media about electric cars quickly losing value. What we have been able to show is that there are certain models that have dropped, other models that have gone sideways and others that have even increased in value, says Karl Wahlin, analyst at Bilpriser.se .

The price is the most engaging

In the first two quarters of 2024 , sales of used electric cars increased by 6,211 vehicles, compared to the same period last year. The increase is in line with a new EU report (EAFO Consumer Monitor) that highlights the key findings from the 2023 European Consumer Barometer (compiled for the twelve countries surveyed). The report shows that environmental benefits and vehicle range are two important factors when European consumers choose electric vehicles.

However, price is by far the biggest challenge when buying an electric car. According to the report, Swedes are willing to cough up SEK 330,000 (median value) for a new or used electric car. At the same time, 72 percent of those surveyed paid SEK 440,000 or more for theirs.

The report also shows that 33 percent of Swedes bought their electric car used. A market that is becoming more and more interesting, says Karl Wahlin.

– The electric car market is developing and maturing as we follow it. The first cars to appear on the used market are from the first three-year leases and early adopters. But now we are also seeing cars from the second wave of electric car owners starting to come on sale. More and more used electric cars are becoming available every day, which of course contributes to a more reasonable price level.

This makes you think about the value of the car – because what is the real value development of used electric cars?

“If we imagine a graph with price on one axis and time on the other, we can see that the value of a car drops rapidly at the beginning of its life. During the first few months, the value drops dramatically, but after a while the curve flattens out. When the car is a couple of years old, the exact age does not play as big a role in the price,” explains Karl Wahlin.

The same principle can be applied to how far the car has been driven. The trend for electric cars, says Karl Wahlin, has shown that they have been on the steep part of the value curve, but are now starting to reach a more stable phase. This means that some electric car models have even started to increase in price.

– An example is the early models of the Renault Zoe and Nissan Leaf. Perhaps not the most impressive cars, but they are reliable and work well as a “second car” for shorter distances. They require little maintenance and are becoming a cost-effective alternative for many. We also see electric car models, such as early versions of the Tesla Model 3, which maintain a relatively stable price in the market.