With traditional combustion-engine cars, mileage and years racked up can quickly tell prospective buyers how much they should fork out. That formula does not work with EVs - whose value depends largely on their battery's driving range and ability to hold a charge.
"If the second-hand car market doesn't work properly, the new car market doesn't work properly and the electric transition won't happen," said Alex Johns, business development manager at Altelium, which says it has received interest from other markets including China. "We're in an implementation race."
A consumer who wants a used EV with 90% of its range when new could end up buying one with just 70% because of the previous owner's bad charging habits - which should potentially shave thousands of euros off its value, said Marcus Berger, CEO of Aviloo, whose investors include VolkswagenCRITICAL INFORMATION
"Knowing the capacity of that battery is going to be critical," said Stephanie Valdez Streaty, director of Mobility R&D at Atlanta-based Cox Automotive, which owns Manheim, the world's largest used-vehicle auction house. In Europe, for instance, more than 1.2 million new fully-electric cars were sold in 2021 - and many will hit the used market in 2024 when their lease contracts end."You need a high functioning used-car market for residuals on new cars to be good," said Scott Case, CEO of Seattle-based Recurrent, which has signed up 20,000 EV owners to track battery data, and is also working with Black Book and dealers.
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