HOW IS ELECTRIC CAR DEMAND? USED EV MARKET UPDATE NOVEMBER 2024

EV Channels Review

This market update from R Symons LTD provides a data-driven analysis of the used electric vehicle market in November 2024. Contrary to prevailing negative headlines, the data from AutoTrader Market Insights indicates strong year-on-year demand for EVs, up 51%. However, this is met with significantly higher supply, particularly from lease companies, leading to a mixed market health score. Tesla's Model Y is highlighted as experiencing a negative market health score (-63%) due to a massive 361% increase in supply, despite strong demand. The Model 3, particularly the 2021 Long Range refresh, is praised as a "brilliant value car" around the £25,000 mark, with consistent demand and reasonable supply. Premium EVs like the Porsche Taycan and Mercedes EQS are noted for significant depreciation, largely attributed to tax incentives favoring new business purchases. Conversely, models like the BMW i4, Citroen e-C4, Volkswagen ID.3/ID.4, and MG models are showing positive market health, becoming more accessible to private buyers as they fall below the £20,000 threshold. The video also touches on the increasing prevalence of battery health reports from BCA, noting that while useful for trade buyers, interpretation requires caution due to varying manufacturer reporting methods.