The resale value of my EV is in free fall it has dropped 3k in a week!!! What is happening???

[Christine]

I need a longer range EV as my family have moved away but the resale value of my 18 nth old car has dropped by 3k in a week, what is going on?

 

[N2STY]

Unfortunately because they were artificially high and now there are new models available older models depreciate faster and then Tesla drop the price of all the new cars

 

[Christine]

Carwow dropped my price very quickly from 20k to 17240 and the dealer would only allow me 16k. I’m not even sure if I will get much more by selling it privately so not sure what to do?

 

[N2STY]

What car age miles year spec colour?

 

[Christine]

ZS EV exclusive red July 2021 18500 mileage one owner service history

Excellent condition

 

[N2STY]

ZS EV exclusive red July 2021 18500 mileage one owner service history

Yep private sales on autotrader around 17k

Around 21k from a dealer

 

[Les burrows]

Carwow dropped my price very quickly from 20k to 17240 and the dealer would only allow me 16k. I’m not even sure if I will get much more by selling it privately so not sure what to do?

Christine try Motorpoint they gave around £1200 more than any others for my MG5 in November last but yeh as point out a few things have change since Tesla cut there prices a few weeks back plus this is not the best time of the year for selling cars as well but give MP a shot you have nothing to lose have you and it really easy on there website.
Les

 

[picklesupreme]

Cazoo was giving best prices 2 months ago - worth trying them.

 

[rjb1970]

Worth trying Chorley Group in Lancashire too, I've been in a similar position but found they were offering more than most. I know they deliver if you're buying from them, so if you're not they might be persuaded to collect if necessary. Also Budgen MG in Shropshire currently state "£1000 more for your part exchange" on some of their Autotrader ads, if that helps.

 

[Christine]

Many thanks all, I have tried all suggestions without success apart from Chorley so will try them today.

 

[DrTom]

Manager of my local VW dealership told me that they have been told by VW to only offer 85% of the book value of any EVs as the bottom has dropped out of the market for the time being,

 

[Christine]

Something strange is definitely going on to have such a drop in s as matter of a week.

 

[N2STY]

Something strange is definitely going on to have such a drop in s as matter of a week.

I don't think it's strange it was long over dew
Would a MG 5 Long range be a option for you? seen quite a few 20k to 25k

 

[Christine]

I need a suv type car as I have a problem with my back and the M5 is too low but thanks anyway. The levelling up may be overdue but I wouldn’t have expected to see such a big differential within days.

 

[Gadget Geek]

I need a suv type car as I have a problem with my back and the M5 is too low but thanks anyway. The levelling up may be overdue but I wouldn’t have expected to see such a big differential within days.

I think the traders have been on such tight margins lately that they were watching prices like a hawk and reacted in the matter of minutes to recoup some of their losses.

 

[BpoolZS]

New car supply was awful for a while, which spiked used car prices up.
Supply is recovering so used car prices have been settling back down.

On top of that, even used most people finance used car purchases and interest rates went through the roof which has further knocked the prices down.

On top of that , tesla prices went up £5-10k during the pandemic, and a month or so back they dropped them back down.

Tesla dropping new prices on basic models by 15-20%, wiped off value off used teslas - you can find used tesla model 3s for less than the price of a new mg zsev - and not bad year/mileage either.

 

[hmadsen]

Here in Denmark the largest site where people sell their used cars, have seen an average drop of 10% on more or less all EV's

I think they said that this was due to a few things.

1. Tesla cutting price
2. People not as likely to get a new car right now, over fears of being laid off or having their economy impacted in the economic decline
3. Some brands have lower delivery times, which lowers prices on used cars, because no one will buy a used EV, at near to new price when they can get a new one fairly quick, compared to 1+ year delivery time.

 

[leafowner]

Used electric car prices caught in vicious downward cycle as experts warn of trouble ahead – Car Dealer Magazine

Plummeting used electric car values are in danger of knocking the wind out of the sails of the new EV market, warn experts. Speaking to Car Dealer,

cardealermagazine.co.uk

I think a combination of electricity/charging prices, infrastructure still poor, lots of tesla model 3 now available at the end of their initial 3 year lease deals.

Then look also at the fact that used prices have been artificially high for a while - to the point that its almost cheaper to get a new car than a used one. Something has to give.