UK Used Vehicle Market Flooded With Year-Old Plug-In Vehicles
Over in the UK, The Times notes there is “glut of second-hand electric cars on sale,” including a ton that we’re originally registered in 2013:
“Almost half of the plug-in electric and hybrid vehicles on the AA’s used car website have a 2013 registration. Of the 1,369 hybrids and EVs on offer, 624 were registered in 2013.”
The Times says that this “may indicate that drivers don’t like their early experiences of low-emissions motoring,” but we think there’s something else going on here.
The UK, like the US, offers incentives for purchasing plug-in vehicles. In the UK, it’s a £5,000 Plug In Car Grant.
So, could it be that these buyers are taking advantage of the grant money and then trying to sell the vehicles on the used market before they depreciate significantly?
That seems most likely to us, but what do you think?
Source: The Times