Used electric car sales almost doubled in first half of 2024
Almost twice as many electric cars were sold on the second-hand market in the first six months of 2024 than in the same period last year, according to data from mobility organisation Traxio. The organisation points to the Flemish purchase premium for electric cars as one of the reasons for the increase.
A total of 10,112 used electric cars were registered between January and June, an increase of 87.3 per cent. Almost the same number of registrations were made by private individuals and companies, although the increase was mainly driven by private individuals. With 4,970 cars, private buyers registered 135 per cent more used electric vehicles.
Traxio points to the premium offered by the Flemish government for buying new or used electric cars, which came into effect this year. "More than three quarters of the private used electric cars were registered in Flanders," it says.
As the premium is only available in 2024, the organisation does not believe the rise will last. "We expect that the market will suffer from this for several years," it says.
Oversupply
There is also an oversupply of used electric cars, which is driving down residual values. "More and more electric cars are becoming available at the end of leases," says Traxio. "But unlike cars with internal combustion engines, there is no market for used electric vehicles in Eastern or Southern Europe, for example."
"Unlike cars with internal combustion engines, there is no market for electric vehicles in Eastern or Southern Europe"
These lower residual values are "exacerbated by price declines and the arrival of cheaper models", says Traxio. "It appears that the residual value of a Tesla Model 3, for example, is up to 30 per cent lower after four years."
In contrast to other European countries, sales of new electric cars are also doing well in Belgium. In the first half of this year, 64,429 new electric cars were registered across the country, 47.5 per cent more than in the same period last year.
This increase is mainly due to sales of electric company cars and leased cars. According to Traxio, the favourable tax regime is encouraging companies to switch to electrification more quickly. The Flemish premium has also played a role, the organisation says.
#FlandersNewsService | © BELGA PHOTO JORIS VLIEGEN
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