What is happening in the used EV car market Summer 2024? Tough but stabilising...

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THIS VIDEO
Lots of talk about price drops, depreciation, tough market conditions and a lot of that is true, but what are the actual statistics and what can we forecast?

I look at actual data as supplied by Autotrader (the UK's biggest used car marketing platform) to evaluate what has felt like a very quiet couple of months - is this just for Electric Cars?
Plus try and look at the statistics for what the next few months might be like. It seems there are promising signs.

One key point we can certainly note from this information, contrary to many a headline, is that EV demand is actually STRONG. People do want used electric cars! They are growing in popularity. They offer lower running costs, less servicing and reliability is proving excellent.

I'll also run through at the end of the video a quick solar production update from our own office and warehouse building.

Many thanks

Richard Symons
R Symons LTD "RSEV"
EV Specialist based in New Milton, Hampshire on the South Coast near Southampton and Bournemouth
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[RSEV]

Sorry sound isn’t brilliant, mic failure and had to use backup camera sound 😢

[stephenparker]

Chin up Richard. A company that prepares its cars properly and deals with customers honestly will always do well. Lots of people will pay the extra £1000 for that peace of mind.

[ademcguinness]

Too much camera angle switching to be a pleasant viewing experience, perhaps revert to your usual format also did you have a bet with Gints to fit this in less than 15 minutes ? You sprinted through it all !!!

[NZherewecome]

Of the 20 negative EV videos on my feeds that cherry pick the click bait headline, your vids is where I get my real news

[Adam-sidf]

We have two EVs a nissan leaf and Volvo xc40 recharge. Best cars we have ever owned dirt cheap to run, most thanks to watching Richard's videos.
We have also just completed a 1000 mile journey around Scotland from Yorkshire using only the open Tesla chargers we have saved a fortune compared to other public chargers. Thanks Richard.

[martinweston]

Interesting, it sounds a little like the used market want more non EV's, but they aren't there because new buyers are buying more EV's, I guess the incentives to buy a new EV are better then they are for a used one. I expect this is due to the fact (in the UK) for a business or company car driver to have an EV is much more financially beneficial (and thats where the new cars go), but the used market private buyer doesn't have big incentives (especially if they don't have home charging).

[jamesdaw]

Just wanted to say thanks to this channel. Ordered my first EV (ID7 through a spectacularly good lease). This channel defo helped me have the confidence to do that. Thanks.

[gazzaman]

Having just watched another 10mins of uninformed tripe from Geoff Buys Cars (I put myself through it every so often just to make sure I'm not just living in an EV echo chamber) I reckon in all seriousness that you & him as people from opposite ends of the car sales spectrum could have a really good debate on this sort of stuff!

[garden-Railway]

Dealers are being forced by manufacturers to register new cars before September reg change, there now being sold used with 100 miles at massive discounts

[jvb]

You really don't need two cameras on you when sitting at your desk. Constant changing of camera angles is a bit irritating for us.

[jonescd]

Many EV owners will say the same thing - public EV charging is extortionate. As soon as the cost exceeds 50p/Kwh - you might as well be running a diesel.
IF the UK government want people to adopt, these numerous EV charging station suppliers need to drop their fees - on par with domestic rates (25-30p/Kwh) or somewhere under 40p/Kwh

Again, charging station power below 50KW is NOT worth the time of day and many are not maintained. Distribution seems to be in public car parks - where you also have to pay for parking?! - Why?

Another point... I know the infrastructure costs money to setup, but if EV drivers are paying over the odds, can we please have sheltered charging stations - like regular car garages? The whole water and electric mix doesn't fill me with confidence.

More garages are open to working on EVs, but some have some strange ideas - like they're an alien technology. EVs have suspension, brakes etc, that all need maintenance. That could be down to individual attitude or lack of knowledge, but if I'm paying professional mechanic to change parts (un-do bolts) at £120/hour (inc. VAT 20%) how can they say no?
What's the average UK wage per hour again? £15? Garage fees need to be addressed, or VAT removed for garage fees.

The future of car use in the UK will be mixed - diesel, EV, Hydrogen, inc. hybrid engines.
All developed nations are stomping blindly towards this agenda, 2030. Why? Because a group of wealthy individuals say so? The WEF are out of touch. If they want sustainability, there's technology available NOW that will make electricity free for everyone. But, no. They just want to control the technology and become even more obscenely wealthy.

[bill_heywood]

A quiet summer is understandable, but I think you are right, demand for used EVs is increasing because of increased supply and lower prices. The government has chosen to put support for new EV purchases into business purchases, but that is sensible because companies look at total cost of ownership, not purchase price. Lots of cars being leased by businesses means lots coming off lease in good condition only 2/3 years old - and those are the good buys for private buyers

[gazzaman]

The naysayers complain that EVs are too expensive brand new but also complain that they depreciate too much. It's an absolute cop out of an excuse of course, with the price of used EVs being so low it's a no brainer to buy one. If you do enough miles, if you can get the credit and if you have access to home charging then you can essentially use your savings on what you would've spent on fuel to pay for the car.

[markanderson]

Thanks for the video Richard. Think the message is slowly getting through to more and more people that 1) EVs work and are great to drive and 2) they save you a shed load in fuel and garage costs … word of mouth from family, friends and colleagues.

[mikadavies]

For years it has always been the case of buying a 3yr or 5yr old luxury car. As the savings are massive. BEVs are even better as the technology will be updated on the luxury cars first. A Samsung S24 Ultra may be £1, 400 in May but by December it is down to £1, 000 and only £800 by the release of the S25..
No boss wants the "old" Taycan! As soon as the new one is out the old model is even more affordable.

[riaanmaritz]

You don't need to change camera angles so much it takes away from the video. Not a criticism just feedback, thanks for delivering great content.

[jamsxr]

As someone who buys used, EV depreciation is brilliant!

[Hayles]

Wow quick, short and a bit jerky with all the camera angles. Is this done without Gintz? He’s left hasn’t he? Really sorry to see your red MY sold. Hope to see another one soon.

[Jawlf]

Great to hear the stats as it puts the EV news into a better view! Some great deals on EV's 3 to 5 years old now and they are all capable of over 200 miles any weather.

[spuddy]

c
Clearly we need an RSEV in Ontario, Canada. Totally agree that the UK has a fantastic EV reviewer and sales professional. Ok, ok I am a fan and freely admit it.