Tesla Model 3, the world’s most sought-after electric vehicle, has just reported high demand in the used market. In effect, it ultimately raised bid volumes and drove EV conversion rates higher during May and June, Independent auction group Aston Barclay reports.
The group’s June EV desirability rating advanced the Tesla Model 3 at the top. Moreover, the model’s recent price drops in both the new and used car markets have only increased demand for the all-electric sedan.
June EV Desirability Index
Dealers tend to prefer buying less expensive used vehicles, according to the June EV Desirability Index.
It is worth noting that Aston Barclay’s monthly index considers three key metrics:
- web views before the sale
- number of physical and online sale bids
- the sale price achieved as a percentage of the CAP average
Tesla Model 3 dominates the ranking
The Tesla Model 3 ranked first in Aston Barclay’s June EV Desirability Index with a score of 6.7.
The Renault Zoe followed it with a desirability score of 6.4. Nissan Leaf secured the third spot in the overall desirability index with a 4.4 score.
Peugeot E-208 and Hyundai Ioniq completed the top five with scores of 4.2 and 3.7, respectively.
It is worth noting that the index includes more than 250 used cars, backing their popularity among EV buyers.
Price stabilization
With the exception of the Tesla Model 3, the report noted that dealers proactively purchase used EVs under £20,000, especially at Aston Barclay’s twice-weekly EV auction at Donington.
In addition, EV prices started to stabilize in April and May, according to Aston Barclay. Prices decreased by -4.8% (£1,087), averaging 30 months and 20,741 miles. In comparison, the average price of a used EV during the first quarter was £22,429 for 30 months and 21,135 miles.
Prices have fallen significantly from their peak of £31,378 in Q3 2022. Nonetheless, Aston Barclay asserted that market decline has halted, and there is new optimism that the market has reached its “new normal.”
“2023 has certainly seen used EV prices start to stabilise and used car dealers have responded with more bids and higher conversion rates.
While the price reductions announced by Tesla haven’t been widely popular in the industry it has made the Model 3 more affordable to second-hand buyers, which has fuelled demand. It’s early days and there is still a degree of caution from dealers around EVs, but it has been a positive start to the summer.”
Nick Thompson, Director of Sales at Aston Barclay
Below are the top five EVs in Aston Barclay’s June June EV Desirability Index:
| Brand | Model | Desirability Score |
| Tesla | Model 3 | 6.7 |
| Renault | Zoe | 6.4 |
| Nissan | Leaf | 4.4 |
| Peugeot | E-20 | 4.2 |
| Hyundai | Ioniq | 3.7 |
See Also:
- Tesla Model 3 has the highest used car discount
- Tesla Model 3 experiences the highest price drop for its used car in this year
- Used Tesla Model 3 are selling for $91,000 in Australia
- Tesla China sales grew 2.44% month-on-month in May 2023
- Tesla discounts some Model 3 inventory cars, now starting at $384/month
Considering the significant price cuts Tesla implemented this year, it is unsurprising that the Tesla Model 3 was the most desired EV in Aston Barclay’s index. As expected, buyers would prefer more affordable EVs, especially when these are Teslas.
