Sales of used electric vehicles remain in low demand

Jakarta (ANTARA) - OLXmobbi director Agung Iskandar said that used vehicle sales in the electric segment have not shown a sufficiently mass market volume, unlike new vehicles which continue to show a positive trend.

“The last ads in the EV segment, we checked that at most 1 percent of total ads on OLXMobbi. So, our answer remains consistent: sellers are still very few in this segment,” Agung Iskandar told media colleagues in Jakarta on Thursday.

The sales of used EVs that are still underperforming are due to several crucial factors for owners. Agung said there is a high likelihood that owners of electric cars are reluctant to sell because price depreciation is quite drastic.

“Because electric cars have only become prominent in the last two years, those who want to sell are those who are really intent to sell. If not, they feel it is a pity because the price has fallen quite a bit,” he said.

Regarding the issue of depreciation or price drop, Agung explained that the depreciation can touch up to 50 percent of the new price.

“The Hyundai IONIQ and Wuling Air EV have fallen quite a bit, more than 50 percent. The IONIQ 5 now, those from 2022, is around Rp350- Rp250 million,” he clarified.

Not only related to the price drop, consumers interested in electric vehicles also do not have support from financing companies. Most financing companies are not yet convinced enough to finance EV purchases at present.

Currently, advertisements in the OLXMobbi EV segment are still dominated by Wuling Air EV and Hyundai Ioniq vehicles.

This is because the populations of these vehicles are already quite popular in Indonesia’s automotive market. It is not surprising that sales of electric vehicles are still dominated by those models.