The INDICATA Market Watch report has been busy tracking the rise and fall of used EVs during 2022. From sales and stock turn to the top and best-selling models each month the report has provided an in-depth look at how EVs have fared across Europe as well as 13 individual countries.

Not surprisingly year-on-year sales of used EVs have risen in 2022, albeit it from a low base, as the supply of used cars has gradually improved and as consumer education and acceptability of EVs has continued to increase.

Rising cost of living impacts used EV demand

Sales and stock turn continued to rise until September when the rising cost of living across Europe with rising energy prices and inflation across multiple European countries immediately impacted demand for used EVs.

With used EVs often costing up to 50% more than a used petrol or diesel car used EVs became the slowest-selling powertrain in September with consumers struggling to justify those extra costs as their home energy bills doubled or trebled. That compares with August where used EVs were the fastest-selling powertrain type.

Used EV stock levels are rising

Sales and stock turn levels fell again in October and the available stock of used EVs have continued to rise into November. Tesla and VW in particular are seeing stock levels rise which has in turn contributed to used EV prices falling for the first time in 2022.

Going into 2023 if supply continues to exceed demand prices are likely to continue to fall. However, we don’t know how long it will be before consumers can justify paying significantly more for zero emissions motoring before demand exceeds supply again.

Fastest and top-selling used EVs

The Renault Zoe has been Europe’s top-selling used EV for eight out of the past 12 months. A ready supply of used cars due to the model being around since 2012 has contributed to this success along with a lower purchase price when compared to many used EVs and a healthy range. Nissan’s LEAF also appeared in our table in March for similar reasons to the Zoe having been the first EV launched in 2010.

The fastest-selling list is a little more fragmented with seven different models topping the list over a period of 12 months.

However, Tesla models topped both the respective fastest-selling EV with its Model Y, and top-selling EV with its Model 3 during both October and November and it will be interesting to see if this trend continues into 2023.

For a free copy of the latest INDICATA Market Watch report go to www.indicata.com