2:11 pm, April 11, 2023
A leading dealership boss has said his business will no longer stock EVs after plummeting prices left them representing too much of a risk.
Taslim Miah, founder of car supermarket group Car Planet, says that falling used EV values have had a huge impact on business since the turn of the year.
The firm, which employs a full time data analyst to monitor pricing, previously bought a large consignment of Renault Zoes which have gone unsold.
Miah, who founded Car Planet with his two younger brothers, told the Car Dealer Podcast that the used EV market was ‘nuts’ and admitted he was planning to steer clear of them in future.
When asked by podcast host James Batchelor if he expected to stock used EVs going forward, he said: ‘Not so much. We’ve got a few lemons on the forecourt at the moment.
‘Unfortunately we bought quite a few Renault Zoes at the beginning of this year and the prices have just plummeted on those.
‘We are slashing the prices just trying to get rid of them at the moment and we won’t be stocking any used EVs any time soon.
‘The volatility on those prices are just nuts at the moment and we don’t want to take that risk.’
Several reasons have been suggested for the dramatic price drops of used EVs so far in 2023, with a number of experts pointing the finger at Tesla’s decision to slash Model 3 prices back in January.
The move has had a huge impact on used values, which is now trickling down to more budget models, such as the Renault Zoe and Nissan Leaf.
Giving his own opinion, Batchelor told the Podcast: ‘You can get a Tesla Model 3 for around £25,000 now.
‘Consequently those Teslas have dropped into the same pricing bracket as things like more modern Renault Zoes for example.
‘If you are a used EV buyer and you thought your budget could only stretch to a Leaf or a Zoe and all of a sudden if just spend a few grand more and you can have a Tesla Model 3 – which let’s face it is a considerably more desirable car – you’re going to do that.
‘As a result, things like the Leaf are looking incredibly overpriced.’
Miah added: ‘I think there are different opinions on why these used EV prices have dropped.
‘The one that you have just mentioned there – I believe the CEO of Motorway [Tom Leathes] is of the same opinion.
‘It’s the Tesla Model 3 price drop that has had a knock-on effect on all these other electric cars unfortunately.’
