How not to sell your used EV!
Recently, YouTuber Jerry Sells did a great video, and got extra coverage from our friends at Newscorp, -highlighting the depreciation of EV’s over ICE cars, which really piqued my interest.
Don’t get me wrong, we love Jerry’s videos, no else is as real in the car market in Australia. He buys low, sells high, it’s his business.
But let’s get to the point straight away. If you walk into a used car dealer, offer to sell your car, with out buying a new one – you will get offered less than Wholesale – and that is not how to sell an EV! When you are in a hurry, it’s the worst way to sell an EV.
Fortunately for Jerry’s his youtube reputation now gives him a great stream of sellers, and content,
and in the case of the Countryman Jerry was as upfront as you can be, but the guy kept insisting– Jerry kept warning, and in the end he declined.
So there was no deal, there was no 50% depreciation
Bottom line, selling the car to Jerry, which he didn’t end up doing anyway, at a sub wholesale price, is simply not the reflective of the used EV value. The seller was in the worst position, with the worst buyer, at the worst time
But that didn’t stop Newscorp picking up the story, based on was click bait Title, and we are starting to sound like media watch, because if they’d watch the whole video, they know the guy didn’t do the deal, so he didn’t lose half, and the real value is still in the hands of another buyer, just not with Jerry anyway.
And, Jerry didn’t even want the Countryman anyway, it doesn’t fit his profile of stock, it is way too niche for him. Again, as he points out to the Seller. It is a real niche market for the Mini, and it’s not something Jerry would consider keeping to sell on his own yard anyway.
In many cases EV’s are still hot potatoes car dealers. A year and a half a go, the discounting started and many were burnt. Granted they made a lot to begin with, when you had to wait 4 months for a Tesla, they could sell them above retail, but they have short memories, so many dealers till won’t touch an EV anyway. There are many exceptions, plenty of dealers on listing sites with EV’s but still, a used EV dealer is still the worst place to sell your used EV. (unless you are trading back to an ICE car😊
As an aside, I’d love too see more of Jerry Selling, rather than not buying, but hey, that’s not half as much fun for youtube is it.
But how do I know what an EV is worth, well, it’s our business – helping private sellers sell their EV’s, so we’ve heard a few stories, we’ve seen a few deals, but most of all, like many industries, the used car and EV market is underpinned, with a tonne of market and pricing data.
There are various companies offering various car “valuation” guides, The Blue Book, Glasses Guide etc. These been formula’s for depreciation and valuation on all makes and models for eternity, but simple fact is always Dealers have to buy wholesale to sell retain. Private Seller can sell at retail!
Keep watching to see the whole story!