{"id":621,"date":"2021-05-04T05:18:18","date_gmt":"2021-05-04T03:18:18","guid":{"rendered":"https:\/\/info.openlane.eu\/second-hand-electric-cars-seize-the-opportunity-while-you-still-have-the-chance\/"},"modified":"2024-11-15T08:12:07","modified_gmt":"2024-11-15T07:12:07","slug":"second-hand-electric-cars-seize-the-opportunity-while-you-still-have-the-chance","status":"publish","type":"post","link":"https:\/\/info.openlane.eu\/en\/company-information\/blog\/company-news\/second-hand-electric-cars-seize-the-opportunity-while-you-still-have-the-chance\/","title":{"rendered":"Second-hand electric cars: seize the opportunity (while you still have the chance)"},"content":{"rendered":"<section class=\"l-section wpb_row height_medium\"><div class=\"l-section-h i-cf\"><div class=\"g-cols vc_row via_grid cols_1 laptops-cols_inherit tablets-cols_inherit mobiles-cols_1 valign_top type_default stacking_default\"><div class=\"wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"g-cols wpb_row via_grid cols_1 laptops-cols_inherit tablets-cols_inherit mobiles-cols_1 valign_top type_default stacking_default\" style=\"--columns-gap:3rem;\"><div class=\"wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><h1>Second-hand electric cars: seize the opportunity (while you still have the chance)<\/h1>\n<\/div><\/div><div class=\"w-separator size_custom\" style=\"height:1rem\"><\/div><time class=\"w-post-elm post_date us_custom_d8432ea1 has_text_color entry-date published\" datetime=\"2021-05-04T05:18:18+02:00\" itemprop=\"datePublished\"><i class=\"far fa-clock\"><\/i>04 May 2021<\/time><\/div><\/div><\/div><div class=\"w-separator size_medium\"><\/div><div class=\"g-cols wpb_row via_grid cols_1 laptops-cols_inherit tablets-cols_inherit mobiles-cols_1 valign_top type_default stacking_default\" style=\"--columns-gap:3rem;\"><div class=\"wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p><strong>In our previous blog, we pointed out that the majority of car manufacturers will be producing many more electric cars in the near future. This means the number of cars will increase, but prices will probably remain high the next few years. Or is there a chance for opportunities in the second-hand car market?<\/strong><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"w-separator size_medium\"><\/div><div class=\"g-cols wpb_row via_grid cols_1 laptops-cols_inherit tablets-cols_inherit mobiles-cols_1 valign_top type_default stacking_default\" style=\"--columns-gap:3rem;\"><div class=\"wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p style=\"text-align: justify;\">Electric vehicles (EVs) currently occupy an extremely small percentage of the second-hand market. And there is a very logical explanation for this. Although the number of electric vehicles entering the European market grows year on year, the number of EVs that are purchased remains relatively small. Last year, only about 100,000 were sold in Europe, primarily in countries with favourable tax concessions, such as Norway and the Netherlands. This means that only limited numbers of vehicles filter down to the second-hand market.<\/p>\n<p style=\"text-align: justify;\">Second-hand EVs are therefore scarce and, according to the economic laws of supply and demand, they should also be relatively expensive, right? Well, actually, nothing could be further from the truth. This is because the value of an EV decreases much faster than that of a petrol- or diesel-powered car. The US-based NADAguides has seen the price of a 2015 Nissan LEAF with 50,000\u00a0km on the clock tumble from $29,000 to $10,000 on the second-hand market (a depreciation of 65%), whereas a Toyota Corolla of $17,000 with the same mileage has decreased by 29% on average to $12,000. And CAP Automotive in the UK also calculated that the average residual value of a three-year-old electric car in 2016 was 20.5%, which is much less than the usual 40 to 50% received for cars with a conventional engine.<\/p>\n<h2 style=\"text-align: justify;\">The cost of batteries<\/h2>\n<p style=\"text-align: justify;\">The main reason why electric cars decrease in value so quickly is the battery. The maximum charging capacity of such a battery reduces during its lifespan. The speed with which this happens depends on the way in which the vehicle is used. Continuously plugging in your car and fully recharging it has a negative effect, whereas driving it until the battery is almost empty and then charging it to 80% doesn\u2019t affect it as much. The following table shows that after 200,000\u00a0kilometres the maximum charging capacity of a Tesla Model S decreases by roughly 10%.<\/p>\n<\/div><\/div><div class=\"w-separator size_medium\"><\/div><div class=\"w-image align_none\"><div class=\"w-image-h\"><img decoding=\"async\" width=\"1024\" height=\"500\" data-src=\"https:\/\/info.openlane.eu\/wp-content\/uploads\/2021\/05\/graph-electric-cars-1024x500.png\" class=\"attachment-large size-large lazyload\" alt=\"The cost of batteries\" data-srcset=\"https:\/\/info.openlane.eu\/wp-content\/uploads\/2021\/05\/graph-electric-cars-1024x500.png 1024w, https:\/\/info.openlane.eu\/wp-content\/uploads\/2021\/05\/graph-electric-cars-300x147.png 300w, https:\/\/info.openlane.eu\/wp-content\/uploads\/2021\/05\/graph-electric-cars.png 1156w\" data-sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/500;\" \/><\/div><\/div><div class=\"w-separator size_medium\"><\/div><div class=\"wpb_text_column\"><div class=\"wpb_wrapper\"><p style=\"text-align: justify;\">This limited lifespan is what is holding back potential buyers, especially when they know that the life expectancy of batteries that have experienced intensive use is usually eight years.<\/p>\n<h2 style=\"text-align: justify;\">The sooner, the better<\/h2>\n<p style=\"text-align: justify;\">That said, adding electric cars to your range might not be such a bad idea. The <a href=\"https:\/\/www.openlane.eu\/en\/findcar?fuelTypes=Electric\" target=\"_blank\" rel=\"noopener\">number of EVs available on OPENLANE<\/a> has been growing steadily. Every day there are about 100 of these vehicles on auction. So which ones would be best to add to your inventory? In the knowledge that the average European travels 40 to 80\u00a0kilometres a day, EVs with an NEDC range of 200\u00a0km or more are perfect for daily use, especially when you can offer them at current competitive prices. Nevertheless, you will have to be quick about it, because the residual value of EVs is expected to rise in the future.<\/p>\n<p style=\"text-align: justify;\">There are increasingly fewer obstacles holding consumers back from purchasing an electric car. Work is being carried out, for example, to develop a suitable charging infrastructure and produce a range of vehicles tailored to the needs of the consumer (such as SUVs). Bigger batteries are also helping to reduce driver anxiety about the range of these vehicles. Together with the tax concessions adopted by many countries for EVs, this could make both the demand and second-hand prices go up. As a professional, it is now up to you to set about building an inventory of vehicles to ensure you meet that future demand.<\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\n","protected":false},"excerpt":{"rendered":"<p>In our previous blog, we pointed out that the majority of car manufacturers will be producing many more electric cars in the near future. This means the number of cars will increase, but prices will probably remain high the next few years.<\/p>\n","protected":false},"author":1,"featured_media":19247,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[144],"tags":[],"class_list":["post-621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Second-hand electric cars: seize the opportunity (while you still have the chance) \u2013 OPENLANE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/info.openlane.eu\/en\/company-information\/blog\/company-news\/second-hand-electric-cars-seize-the-opportunity-while-you-still-have-the-chance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Second-hand electric cars: seize the opportunity (while you still have the chance)\" \/>\n<meta property=\"og:description\" content=\"In our previous blog, we pointed out that the majority of car manufacturers will be producing many more electric cars in the near future. 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