![]() ![]() BEVs benefited from a spike in interest from retail consumers and businesses looking to avoid waiting up to a year for a new model. The average value of a three-year-old BEV in January sat at 59% of the original cost-new price, a fall of 6.6% compared to December.īEV values were reasonably high throughout 2022, as can be seen in the following chart, which shows the average value of a three-year-old car since 2020. The final quarter of 2022 was also poor and as a result, values have fallen sharply in recent weeks. This rapid rise has continued, meaning there is the potential for BEV RVs to come under additional pressure should demand for used examples fail to keep pace with supply.Īs a result of the recent volume uplift, the RV performance of BEVs already suffered in January. In 2020, BEV registrations increased by around 186% compared to the prior year. The used-car wholesale market has started to see a large volume of BEVs that were registered in late 20, de-fleeting from lease contracts. Manufacturers continue to prioritise the production of their electrified models as it helps them meet strict and potentially costly emissions targets. The rise has been rapid and coincides with attractive benefit-in-kind taxation rates that have encouraged many company-car drivers to make the switch to electric.ĭespite the much-discussed component shortages that led to severe new-car production delays, BEV registrations increased again last year. The following chart shows the growth of BEV registrations over the past few years. It should come as no surprise that significantly more BEVs are entering wholesale channels. Compared to January 2022, there has been a staggering increase of 700%. The active-market volume index, which monitors the volume of retail cars on sale, shows a rise of 41.7% compared to December 2022. It appears there has been a sharp increase in used BEV volumes according to Autovista Group’s Monthly Market Update for January. The Glass’s valuation team observed auction conversion rates approaching 80%, something not seen regularly throughout 2022.ĭemand was strong across most fuel types in January except for BEVs. ![]() Although the month began slowly, wholesale activity ramped up as the month progressed. The UK’s used-car market returned to seasonal norms in January, with an uptick in demand. ![]() Jayson Whittington, head of valuations at Glass’s (part of Autovista Group), discusses the development of battery-electric vehicle (BEV) residual values (RVs) in the UK. How Europe hopes to counteract the semiconductor shortage ![]()
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