Used electric cars in Portugal are finding buyers faster

Two years ago, fewer than seven in every 100 used cars sold in Portugal were electric. Today, that figure is above 16. It would be easy to attribute this rise to the growing number of electric vehicles that have entered the used-car market in the meantime. Yet the data tells a different story.

In July 2024, electric cars accounted for 6.67% of sales. By July this year, their share had reached 16.35%, according to the latest Market Watch from INDICATA, Autorola’s used-market analysis platform.

Available inventory has not expanded at the same pace. Electric vehicles currently account for only 12.33% of all used cars on offer. Their sales share is therefore four percentage points higher than their share of inventory, showing that demand for used electric cars is increasing faster than supply.

What has changed in Portugal’s used electric car market?

The report begins with the most obvious answer: price. Used electric cars have depreciated substantially over recent years. In Portugal, INDICATA’s retail price index now stands at 77.30% of its January 2020 reference value.

According to the study, this adjustment has brought electric cars into a price range capable of attracting far more buyers. INDICATA’s conclusion is straightforward: the market did not start expanding because Portuguese households suddenly faced fewer financial constraints, but because used electric cars “found their price”.

Roberto Gaspar, secretary-general of the National Association of Automotive Trade and Repair Companies (ANECRA), reached a similar conclusion when assessing the same figures for automotive publication Razão Automóvel.

“Consumers were not rejecting this technology; rather, they were rejecting prices they did not consider compatible with the product’s value.”

• Roberto Gaspar, ANECRA secretary-general

In Roberto Gaspar’s view, once the purchase price became more competitive and the electric car’s financial advantage became clear again, “demand responded very quickly”.

The new-car market itself helped create these conditions. The report points to substantial discounts on certain new electric cars, as well as public incentives. The lower the price of a new car, the greater the discount required for a used example to remain a sensible option.

This puts downward pressure on residual values, but it has also made many used electric cars considerably more affordable.

Fuel prices provided a further boost

INDICATA identifies the sharp increase in fuel prices as the second factor. Escalating tensions between the United States, Israel and Iran have been putting pressure on the oil market since March. Portugal has seen a particularly strong impact on diesel, which reached record levels in April with an average price of €2.145/litre (source: DGEG).

According to INDICATA, the rise reinforced the electric car’s running-cost advantage. However, the report makes an important qualification: higher fuel prices did not create this trend, but they did accelerate it.

Electric cars had already been selling more quickly for several months. To track this change, INDICATA uses Market Days Supply (MDS), an indicator estimating how many days the available vehicle inventory would last at the current rate of sales.

During summer 2024, electric cars were above 115 days. In autumn 2025, they were still close to 100. By April this year, the figure had fallen to 69 days, then to 57 in May, reaching 55 days in July. This is now the fastest inventory turnover of all powertrains analysed in Portugal.

Could used electric car prices rise again?

Roberto Gaspar offers a warning here: “it would be a mistake to conclude that this trend is irreversible”. In his assessment, the used electric car market is still searching for its point of balance. Following a steep price fall, demand rose rapidly. If it continues to outpace supply, prices could come under pressure again.

That does not necessarily mean used electric cars will become more expensive. The report notes that they remain highly exposed to new-car pricing, manufacturer discounts and the rapid pace of technological development.

However, it changes the challenge for sellers. INDICATA says the principal risk is no longer how long these cars remain in inventory. Instead, it lies in the price at which they are bought and the value for which they can later be resold.

Portugal is not alone

Nor is this a phenomenon limited to Portugal. In Denmark, for example, electric cars account for 54.72% of used sales but only 40.34% of inventory. In Finland, they represent 22.09% of sales against 20.45% of supply. Germany and France also record a sales share for electric cars that exceeds their presence in inventory.

There are exceptions. In Spain, electric cars still make up a larger proportion of inventory than of sales.

For this reason, INDICATA itself stresses that there is no single European reality. However, several markets share a common pattern: after major price corrections, used electric cars have begun to find buyers far more easily.

For Roberto Gaspar, this growth could have an even more significant consequence. He argues that electric mobility could become accessible to a much wider share of families primarily through used cars.

This was the path taken by combustion-engine cars for decades. The latest data suggests electric cars may now be starting along the same route.