Used EV values 'could collapse' due to fleet 'dumping', following weak consumer confidence, heavy depreciation, and over-supply
“Already we can see the likes of new entrant BYD targeting it with £199-per-month deals and low deposits. But where are the incentives for private buyers? There’s no clear incentive for them to transition to EVs. There’s a big imbalance.”
Car finance companies are already ringing alarm bells about the weak residual values of some EVs. Startline Motor Finance CEO Paul Burgess said: “The last year has been a turbulent one for the used EV market and many dealers have been bruised by the reductions in values of stock. There will need to be a corresponding increase in demand if values aren’t to suffer further.” However, Cap HPI, which has been at the forefront of tracking used EV values, believes their prospects aren’t as bleak as some would believe.
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