Latest Developments in the Second Hand Electric Vehicle Market
In recent years, electric vehicles (EVs) have gained great momentum both in Türkiye and around the world. However, this growth has not been limited to new vehicle sales; there are also significant changes in the second-hand electric vehicle market. In this article, we will discuss in detail the developments in the second-hand electric vehicle market, the depreciation and the influence of Chinese brands.
The Rise of Electric Vehicles in the Second Hand Market
The increase in the number of electric vehicles in Türkiye is paving the way for the growth of the second-hand market. The number of registered electric vehicles is expected to reach 2025 by 198.000. This means a 122% increase compared to the previous year. The increasing trust of users in electric vehicles and the widespread use of charging infrastructure play an important role in the second-hand electric vehicle market.
Loss of Value and Things to Consider When Buying a Second Hand Vehicle
One of the most important issues when buying a second-hand electric vehicle is the loss of value. In 2023, electric cars lost an average of 4,14% in value on the second-hand market. This loss, especially in 4-5 year old models, is up to 13%, which poses a risk for buyers. Among the things to consider when buying a second-hand electric vehicle:
- Battery Health: The condition of the battery directly affects the performance of the vehicle.
- Charging Compatibility: Vehicles must be compatible with the charging infrastructure.
- Current Software: Software updates are critical to the functionality of the vehicle.
- Service History: The vehicle's maintenance history increases reliability.
- Range Status: The range determines the suitability of the vehicle for daily use.
- Warranty: The warranty period provides assurance against potential problems.
The Impact of Chinese Brands on the Second Hand Market
The entry of Chinese car brands into the Turkish market has significantly affected the prices of second-hand electric vehicles. The competitive prices offered by brands such as Chery, MG and BYD have increased the purchase of new vehicles and reduced the demand for second-hand vehicles. This situation leads to a decrease of 5% to 10% in second-hand vehicle prices, with an average decrease of 7%. This change, together with the increase in domestic production and new regulations, helps to create a more balanced second-hand market.
Online Sales of Second Hand Electric Vehicles
By 2024, online sales of second-hand electric vehicles are expected to increase by 127% compared to the previous year, reaching 18.620 units. This increase is supported by interest in environmentally friendly technologies as well as developments in battery technologies. Online platforms offer more options for buyers and provide sellers with the opportunity to reach a wider customer base.
Challenges in the Second Hand Electric Vehicle Market
There are also some challenges in the second-hand electric vehicle market. Among these, it is noteworthy that the second-hand value loss of electric vehicles is higher than that of internal combustion vehicles. In addition, factors such as battery life and inadequate charging infrastructure make it difficult for buyers to make decisions. Therefore, a transparent sales process and reliable certification systems are of great importance.
Future Predictions
In the coming years, the number of electric vehicles in Türkiye is expected to continue to increase. The number of electric vehicles is expected to reach 2025 thousand by the end of 362. This growth will affect not only zero-kilometer vehicles but also the second-hand electric vehicle market. The fact that the market share of electric cars in the second-hand market remains at 2,5% shows how important the developments in this area are.
In conclusion, the second-hand electric vehicle market in Türkiye is an area full of growth potential and challenges. Consumer awareness will contribute to a healthier growth of the market. Although the future of electric vehicles seems bright, understanding the dynamics of the market is critical for buyers and sellers.
