Berylls Analysis: On the Way to Becoming Slow Sellers - Price Decline in Used Electric Cars
Used electric cars are very difficult to sell and only at high price discounts, according to an analysis by the management consultancy Berylls. An average battery electric vehicle (BEV) with a new price of 43,600 euros currently costs 18,800 euros after three years with a mileage of 60,000 kilometers and has thus lost 57 percent of its value. A change is not in sight: "Young used BEVs are standing like lead in the trade, the idle times are rising and residual values are in free fall," industry experts reported on Tuesday in Munich.
Reasons for the price decline include, on the one hand, the stagnating demand for electric cars in general. On the other hand, new models with longer range and lower prices are coming onto the market. This makes it hardly possible to resell used electric cars, not just in Germany. Residual values are also on the decline in France and the United Kingdom. In addition, many used electric cars are large, expensive SUVs and uninteresting to many used car buyers.
Little Hope for the Current BEV Generation
For the 524,000 newly registered electric cars in Germany last year, industry experts have calculated a residual value loss of nearly three billion euros. They see "little hope for the current BEV generation in the used car market. Here, only the immense losses can be minimized."
Automakers, dealers, and leasing companies, who have the electric cars on their books, therefore need to overhaul their sales model: They should not sell the electric cars, but keep them and lease them to drivers in second and third hand, or rent them out via subscription. This would not only cushion their losses, but also retain control over the valuable battery materials: For automakers, a huge advantage in meeting the legally mandated recycling quotas in battery production.
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