Press Release
Supplies of used BEVs are exceeding demand in Europe reports INDICATA
Sales of used BEVs are slowly increasing across European according to the latest INDICATA Market Watch report accounting for a 5.8% market share in October.
Sales of used BEVs are slowly increasing across European according to the latest INDICATA Market Watch report accounting for a 5.8% market share in October.
However, supply continues to exceed demand with BEVs accounting for a 7.6% share of overall stock with countries such as Spain reporting a Market Days’ Supply figure of well over 100.
Overall, the retail price trend for used cars since the beginning of 2023 corresponds to public opinion and scepticism about BEVs in Europe.
The BEV price index has lost almost a third since then and hybrids suffered a loss of around one fifth in the same period. When considering the 130,000+ cars Tesla sold in 2023 v 2022 there is a risk prices may be affected as they come back into the market in 2025 unless there is a stimulation in demand.
The latest Market Watch report saw Tesla’s Model 3 remain as Europe’s fastest-selling used car under four years of age and the top selling BEV. Europe’s top selling used car overall and the top selling ICE car was the VW Golf which has held this position for many months.
Two countries in our 13-country report at the forefront of onboarding BEVs are Sweden and Denmark. Sweden is the second strongest market for new EV registrations in Europe after Norway and while the used car market is taking a little longer to come to terms with this product shift it is showing clear signs of change. In October BEVs accounted for 26.3% of used cars up to two years old while at 3-4 years of age they accounted for every second sale.
In October in Denmark almost 70% of all sales up to two years of age were fully electric and every second car sold at 3-4 years of age were electric. Even every second used Porsche sold was a Taycan. Overall Denmark’s Market Days’ Supply was a very healthy 50 which was beaten only by the UK.
“Our Market Watch report continues to track the changes in supply, demand and price trends for all fuel types with a particular focus on BEVs. There are certainly some glimpses of positivity for BEVs but unless the supply and demand balance improve prices could be further impacted in 2025 as volumes entering the used market continue to rise,” explained Andy Shields, INDICATA’s global business unit director.