According to the latest data from European listings, the used car market in the European Union remained stable in May 2023 compared to the previous year, with a slight sales increase of 0.6% in the first quarter. Buyers still predominantly choose vehicles with petrol and diesel engines, while used electric vehicles sell more slowly and are experiencing a decline in value. Used car prices in May 2023 saw a slight decrease of 0.3% compared to April but increased by 2.6% compared to May last year. The highest price increases were recorded in the compact car segment, while SUVs showed more stability. Electric vehicles continue a negative trend in value, retaining only about 40% of their initial value after three years of use. The used car markets in major European countries show varying trends: France, Germany, and Italy recorded declines in new car sales, while Spain and the United Kingdom saw growth. However, used car sales improved in all regions, indicating increased demand for older models. These data pose a challenge for manufacturers of new electric vehicles.
Political Perspectives:
Left: Left-leaning sources emphasize the environmental concerns related to the slower sales and depreciation of electric vehicles, highlighting the challenges in transitioning to greener technologies and the need for better policies to support electric vehicle adoption.
Center: Center-leaning sources focus on the market dynamics and economic factors influencing the used car market, noting the stability in sales and price fluctuations, and the consumer preference for traditional petrol and diesel vehicles over electric ones, reflecting current market realities.
Right: Right-leaning sources highlight the resilience of the traditional automotive market, emphasizing the continued preference for petrol and diesel vehicles and the challenges faced by electric vehicle manufacturers, often framing it as a market-driven outcome rather than a policy failure.
