Press release: average price of used electric cars rose by +34% in 12 months
Brits are embracing electric cars more than ever before, with demand causing the average price of a used electric car to be +34% higher in September 2020 than in the same month last year, according to new data revealed by Motorway.
Motorway today launches its monthly barometer revealing the average price of used cars valued on its platform each month, as well as the same time last year. Now more than ever, consumers need a reliable source of truth to gauge how much money they can get for their car from professional buyers.
Instead of fairytale guide prices that are unlikely to come true, The Motorway Used Carometer uses real, aggregated data from multiple sources to provide a true picture of average prices in the last month, and year, to identify trends for the months ahead. It is based on market valuations of premium used cars on Motorway over £10k, less than five-years-old, with under 50,000 miles on the clock.
Tesla has had the biggest price increase compared to September 2019, up +11%, equating to an average of £4,746 more per vehicle. In fact, the average price of a used Tesla increased by +3% in September from the previous month, underlining a clear trend in increased demand for cleaner EVs, perhaps for good.
This marries with new car registrations too, with the SMMT reporting a 184% increase in pure-electric registrations in September compared to the previous year. With Tesla resale prices surging, the brand could well be one to invest in for the future.
Other brands that tipped the scale in September included Peugeot, Skoda, Mercedes and Volvo – with average prices rising between +3 to 5% on August prices. Peugeot made the top of the list, with the highest rising prices at +6% compared to August, while it is also +7% up on the same month last year.
Tom Leathes, CEO of Motorway comments:
“Since coming out of lockdown, the used car market has seen incredible month-on-month growth. With an uncertain economic outlook, many people are moving away from buying a new car and choosing used to find more value. And commuters are looking for alternatives to public transport to stay safe – and they’re turning to the second hand market too.
“This combined impact means resilient prices for car sellers with quality used vehicles – and this is borne out in our data. Not only are the majority of brands in our barometer achieving prices higher than the previous month, they are up on the same time last year, before the pandemic hit.
“Dealers, hungry for quality stock they can sell at affordable prices, are also pushing prices up. From Tesla and MINI, to Peugeot and even showstoppers like Ferrari and Lamborghini, sale prices show no signs of slowing down as we near the end of the year.
“Consumers that usually go for new cars have woken up to the benefits of the used car market, and we expect strong market growth to continue long into the future. In highly uncertain times, that is real cause for celebration.”
Dieselgate and the pollution levies over the last three year resulted in diesel car prices plummeting. But that fall has now come to an end: September bucked the trend with diesel actually rising +3% on August car prices, and +2% compared to September 2019. Petrol cars didn’t fare as well, dropping an average of 9% on last year’s car prices, while hybrid cars also fell, by 5%. This may indicate a natural levelling out following a period of turbulent fuel-based valuations.
Super cars, super prices
With interest rates staying low, there is strong demand from high earners for expensive prestige used vehicles. It was a great month for brands like Ferrari, Lamborghini, Bentley and Aston Martin which saw between +6 to 16% increase. However, it wasn’t all rosy for super cars. Perhaps because many buyers are avoiding flashiness and looking for more practicality during lockdown, Porsche saw a 10% drop from August and 4% from last year.
Back to black
Some things rarely change. Black is still the most popular car to sell, followed by grey, then white. But turquoise came out the highest rising colour of the month, +46% up on August and almost +30% up on last year. At the other end of the scale, purple, a colour most notably associated with royalty, is very much out of favour, averaging 20% less than August and 50% less than last year.
The Motorway Used Caromoter helps inform consumers what they can currently expect to get for their car. When it comes to getting the right price for a used car, consumers shouldn’t be in a position where they have to accept low or cheeky offers.
Motorway helps drivers secure the best deal for their car from a used car marketplace of 1,500+ trusted dealers nationwide. Car owners can sell fast, as well as safely, with minimum hassle, for the best price. Rather than losing money through a middle-man, Motorway connects private sellers directly with dealers across the country – ensuring they get the best price and the most trustworthy response, all in as little as 24 hours.