7:25 am, April 28, 2023
As used EV prices continue to plummet several dealers have been left running for the hills when confronted with the prospect of stocking them.
However, one leading dealer has decided to buck the trend and is now actively on the lookout for used electric stock.
Robin Luscombe, of Luscombe Motors, says that this is the perfect time to be buying used EVs and backed prices to recover in the near future.
It is a similar tone to that struck by Martin Miller, founder of EV Experts, who recently told Car Dealer that retailers were making a ‘silly mistake’ by refusing to stock used EVs.
Earlier this month, we reported how car supermarket group Car Planet are now refusing to stock used electric cars due to them being deemed ‘high risk’.
That followed similar sentiments being expressed by a panel of independent dealers at our Car Dealer Live conference in Gaydon.
However, Luscombe – winner of the Lifetime Achievement Award at the 2022 Used Car Awards – sees things differently.
He compared the used EV market to buying stocks or property and insisted that demand remains in place for good electric cars.
However, he emphasised that dealers need to be clued up on what they are selling and make all information readily available.
‘It’s like the stock market or buying a house,’ he told Car Dealer.
‘The best time to buy is when the prices have dropped not when everybody wants to get them.
‘Yes prices have come down but they can’t keep falling in that way. Historically everything will recover eventually.
‘It’s a buyers market but I do think there is good value to be had in used EVs [for dealers].
‘We are in a situation where supply is outstripping demand but that doesn’t mean there is no demand. The market is there it’s just a case of getting the right cars and making our offerings stand out.’
He added: ‘Our website has got a lot of information about EVs.
‘It’s not just like a traditional used car website that has engine size and fuel consumption. It’s got all the charging details and the range and everything else.
‘Also, because we’ve sold a lot of MG EVs, the salesmen actually know about electric cars.
‘When somebody does inquire they are not just speaking to a salesman only used to dealing with petrol engines.’
Following his decision to start selling used EVs, Luscombe launched an appeal for cars on LinkedIn.
The Leeds-based dealer is particularly on the lookout for Tesla stock, according to the post.
He wrote: ‘We are buying used EVs including Tesla! So if you have cars coming back, end of contract, or just want to sell one, email details to [email protected] and we will give a quick price and collect as quick.’
