Dealers Offering Massive Discounts on Nearly New Electric Cars
Dealerships are slashing prices on ex-demonstrator electric cars by more than 50% in a bid to boost sales amid slowing demand. This means that low-mileage examples of popular EVs like the Nissan Leaf and Vauxhall Mokka Electric can now be purchased for significantly less than their petrol-powered counterparts with similar mileage.
One of the main reasons for these steep discounts is to ensure that ex-demo EVs are priced lower than new models, which are also being heavily discounted by manufacturers to meet their zero-emission vehicle (ZEV) mandate targets.
Additionally, the limited demand for used EVs due to tax incentives favoring new car purchases by company car buyers has resulted in an oversupply of pre-registered EVs. This oversupply, paired with manufacturers’ efforts to boost new EV sales, has led to a surplus of nearly new electric cars on the market.
For example, a 2023 Nissan Leaf N-Connecta with just 1500 miles was recently listed at a dealer in Belfast for £13,999, marking a 54% reduction from its original price of £30,400. Similarly, a 2023 Vauxhall Mokka Electric Ultimate with 1800 miles was available at a Great Yarmouth dealership for £17,798 – also discounted by 54% from its list price.
Comparatively, a 2023 Nissan Qashqai with 3800 miles was offered for £22,911, only a 27% reduction, while a 2023 Mokka Ultimate with 2500 miles was priced at £20,990, down by 29%.
Manufacturers are also incentivizing the purchase of new electric vehicles to meet government-imposed emissions targets and avoid penalties. Skoda, for instance, is currently offering 0% APR finance and generous deposit contributions on brand-new Enyaqs to stimulate sales.
Chris Plumb, an EV specialist at Cap HPI, highlights the challenges dealers face in pricing nearly new EVs competitively amidst the pressure to sell new models that contribute towards the ZEV target. This year, manufacturers are required to sell 22% of their total sales as electric vehicles.
