Second-Hand Electric Car Sales Surge in First Half of 2024

In the first half of 2024, registrations of second-hand electric cars surged to 10,112 units, marking an 87.3 percent increase compared to the same period last year. Nearly equal numbers of registrations were made by private individuals (49 percent) and companies (51 percent), with the sharpest rise observed among private buyers. Private registrations totaled 4,970 units, reflecting a significant 135 percent year-on-year increase.

This growth can be attributed partly to the Flemish premium for new or second-hand electric car purchases in 2024. Eligible for up to 3,000 euros if the car’s original price does not exceed 60,000 euros and it is between 3 to 8 years old, the premium has driven 76 percent of private second-hand electric car registrations in Belgium, according to Traxio.

However, concerns about an oversupply of electric second-hand cars are emerging, causing residual values to decline. Traxio notes that many electric vehicles are entering the market after lease contracts expire, yet demand from private buyers in Belgium remains relatively limited compared to other regions. Additionally, the arrival of more affordable electric models and price reductions are further impacting residual values, with reports suggesting up to a 30 percent decrease in value for a Tesla Model 3 after four years.

Conversely, new electric car sales are thriving, with 64,429 units registered nationwide in the first half of the year, a 47.5 percent increase year-over-year. The majority of these registrations (85.5 percent) come from company and lease cars, driven by favorable tax incentives accelerating corporate electrification efforts. Private individuals also saw a substantial increase in registrations, up by 107.4 percent to 9,647 units, with 81.2 percent of these registrations occurring in Flanders, largely influenced by the Flemish premium.