Used EVs to reach ‘price parity’ with used ICE vehicles in 2024

Used electric vehicles look set to reach price parity with conventional ICE vehicles over the next year.

That’s the view of Dale Wyatt, director of automobile at Suzuki GB who said that new EV prices will follow the same route.

“It looks as though used ICE and EV cars will start to reach some kind of price parity over the next year and I expect that trend to equally apply to new cars as we edge towards 2024.

“Price parity will be a key moment as there is still going to be customer resistance to EVs and there will need to be incentives to overcome that.”

Wyatt was speaking at the Vehicle Remarketing Association (VRA) AGM. He added: “Those incentives could take several forms which will depend on where cash is available and what motivates buyers, but it does feel now as though a tipping point is not far away where EVs will just become an everyday part of the car market.”

Peter Smyth, director at Swansway Motor Group, said dealers need to get better at selling EVS.

“It’s not something that is much discussed but what the retail motor industry is really good at, is selling.

“We have great sales skills and using them will be crucial to making EVs a success, with salespeople in dealerships making the right deal, matching the right customer to the right electric car and the right finance product.

“Of course, there will probably need to be incentives and ‘cash on the bonnet’ in the form of manufacturers’ subsidies will also form part of this story.”

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