Electric Vehicles (EV) prices plummeted 34% in the primary 11 months of 2023, suffering a 3.6% drop in November alone – highlighting the contrasting fortunes of petrol-fuelled cars, in keeping with latest figures from Indicata.
The used automobile market witnessed a 3.7% decline in average prices from November to December, contributing to an overall decrease of 10.2% in the primary eleven months of 2023. Used hybrid vehicles faced challenges too, registering a decline of 17.1% in prices between January and November.
Petrol-powered cars emerged as probably the most resilient fuel type during 2023, with prices decreasing by a modest 7.8%, allowing them to keep up a dominant market share of nearly 50%, surpassing diesel at 33.9%.
Despite a peak in EV market share at 3.3% in September, it fell barely to three.2% in November, underscoring the relatively low volume of used EVs being sold.
Jon Mitchell, Indicata group sales director, commented available on the market trends, noting a slowdown in used prices and sales within the wholesale market in the course of the last three months of 2023. Nevertheless, he highlighted that dealers within the retail sector have remained optimistic, maintaining higher prices by selling fewer cars.
Mitchell explained: “Many dealers have also been constructing used stock levels by profiting from lower wholesale prices predicting prices and demand will pick up again in early 2024.”
By way of the top-selling used cars for November, the Vauxhall Corsa claimed the highest spot, closely followed by the Ford Fiesta and VW Golf. The fastest-selling used cars were hybrids or EVs, with the Toyota Prius leading the table, followed by the Mercedes EQE and Tesla Model Y.
Mitchell added: “The Prius is very wanted by the private hire trade now that it is not any longer in production, and in keeping with our latest data insights, there are only 20 days of supply out there to fulfill current demand levels.”
This Article First Appeared At www.am-online.com
