European demand for used BEVs fluctuates as diesel remains the fastest-selling fuel type reports INDICATA
The demand for used BEVs continues to fluctuate from country to country according to INDICATA’s latest Market Watch report.
Whilst used BEVs are experiencing some healthy growth in used markets like Denmark and the UK, used car buyers in other countries like Belgium and Spain are still reluctant to embrace the powertrain which is creating stocking challenges for dealers.
BEVs are Europe’s slowest selling fuel type
On average across the 13 European countries in the INDICATA report the Market Days’ Supply (MDS) figure – which measures the stock supply divided by the current sales rate over the past 45 days – for used EVs is at 110 days compared with 83 days for used hybrids, 64 days for used petrols and 58 for diesels.
Diesel stocks are falling based on continued demand by drivers as well as falling new car sales which is starting to starve the market of used cars particularly at less than 24 months of age.
Market Days’ Supply ranges from 52 to 196 days
In some countries like Belgium the MDS for used BEVs is as high as 196 days, 183 in Austria and 152 days in Spain, while in Denmark the figure is just 64 days and, in the UK, it has fallen to just 52 days.
Overall European sales of used BEVs rose to a record high of 3.76% but when you look at both Denmark and the UK there is a big correlation between prices of used EVs falling and sales volumes increasing. Prices of used EVs have fallen in Denmark by 7.1% and in the UK by 24.6% during 2023 which has obviously been enough for drivers as the price gap between EVs and ICE cars continues to fall.
Used BEV prices continue to fall
Overall used BEV prices fell by 2.5% from June to July, although this was against a background of gently falling prices month-on-month in 10 out of the 13 European countries covered in our report caused mainly by the normal seasonal summer slowdown.
“There are multiple countries where the demand for diesel and petrol used cars is deep rooted and so the move to used BEVs is much slower even if prices continue to fall,” explained Andy Shields, INDICATA’s global business unit director.
“Used BEVs will continue to take their time to find a level of demand and price in every country and its still very early days. Until then export is a consideration for left hand drive cars in those countries where stocking levels are reaching dangerous levels,” he added.
For a free copy of the latest INDICATA Market Watch report go to www.indicata.com