The used EV market has dramatically modified throughout Q1, with high sellers from Ford, Audi, and Volkswagen (VW) seeing their costs collapse.
The used automobile market of 2022 was an notorious one. Because of provide shortages globally, primarily affecting pc chip manufacturing, new car inventories hit document lows, forcing used car costs to document highs. Now, in accordance with new information from iSeeCars, the market has lastly begun to chill, with EVs from Ford, Audi, and VW falling precipitously within the first quarter of the 12 months.
The Audi e-tron SUV was the market chief within the distinction in worth between frivolously used and new, with iSeeCars reporting the German SUV’s worth dropping by 27.8% when frivolously used in comparison with new. This large discrepancy leads to a $22,757 low cost for used EV patrons, who’ve been flocking to the unimaginable deal. Throughout Q1, the common frivolously used Audi e-tron transaction worth plunged to $59,073.
Following its upscale sibling, the frivolously used VW ID.4 declined equally, dropping by 20.4% in comparison with new, leading to a $10,048 low cost for used patrons. It ought to be famous that the common used ID.4 transaction was considerably decrease than its Audi brother, coming in at simply $39,156.
Lastly, and maybe most surprisingly, Ford’s best-selling EV, the Mustang Mach-E, noticed its frivolously used worth collapse by 21.1% in comparison with new, leading to a $13,430 low cost for used patrons. The typical Mustang Mach-E got here in just under the e-tron at $50,086.
Total, iSeeCars recognized a normalization of the market, with 20 separate frivolously used fashions being over 20% cheaper than their new counterparts, although solely three fashions (aforementioned) had been 100% electrical. This contributed to the frivolously used market common, which plummeted from 8.5% over MSRP final 12 months to eight.1% beneath throughout Q1 ’23.
Unusually, some fashions stay scorching on the used car market, although not one of the 14 used fashions at the moment offered over MSRP had been electrical autos. The highest car, which retains a 12.3% used worth premium, is the Ford Maverick, which has rapidly turn into one of many Blue Oval’s hottest autos. Simply behind that’s the Toyota Corolla Hybrid, with a used worth premium of seven.9%, and the Mercedes G-Class, with a used worth premium of 4.6% over sticker.
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