Drivers are snapping up used EVs, industry sales figures show

  • Increased choice and affordability helps used car sales soar - especially EVs

By FREDA LEWIS-STEMPEL, MOTORING REPORTER

Updated:

Drivers in Britain are not afraid to buy second-hand electric cars with used sales surging in the last three months, according to the latest industry figures.

In light of concerns about battery longevity, range anxiety and a lacking public charging infrastructure, an increasing availability and high levels of depreciation resulting in rock bottom prices has sparked fresh demand for used EVs in the second quarter of 2024. 

A report published by the Society of Motor Manufacturers and Traders (SMMT) this week shows a 7.2 per cent increase in used car transactions in the months April to June compared to the same period of 2023.

And used EVs were in particularly high demand, with sales soaring by more than 50 per cent.

Used electric cars were in particularly high demand in the second quarter of the year with sales soaring a whopping 52.6% between the start of April and end of June, the SMMT said

Used electric cars were in particularly high demand in the second quarter of the year with sales soaring a whopping 52.6% between the start of April and end of June, the SMMT said

Mike Hawes, SMMT chief executive, said it was 'encouraging' to see the market continue its recovery, adding that wider choice and affordability has been achieved thank to a 'rejuvenation' in new car demand. 

Its mid-year used car report shows an additional 131,128 transactions compared to April and June of last year, thanks to sustained growth in the new car market which has translated across to offer more choice and availability of models in the used sector.

And monthly growth showed sustained strong performance with used car sales transactions rising every month of the year, with the first six months up 6.8 per cent on 2023. 

Almost 4million (3,931,318) used vehicles have changed hands by the mid-point of 2024.

This marks the best growth since 2016, and the best first half year since 2019, putting the used car market now just 3 per cent below pre-Covid sales.

A key driving force behind the sales is the increasing number of motorists switching to used EVs, with 46,773 all-electric vehicles finding new owners between April and June.

That's a year-on-year growth of 52.6 per cent.

EVs still only represent 2.4 per cent of the used car market. However, this is the highest ever share, and up from 1.7 per cent on the same period last year.

Sales of plug–in hybrids (PHEVs) and hybrids (HEVs) also grew – up 25.2 per cent and 43.6 per cent respectively – but petrol remained the most popular fuel type, up 9.2 per cent.

Q2 marks the best growth since 2016, and the best first half year since 2019, putting the used car market now just 3% below pre-Covid sales

Q2 marks the best growth since 2016, and the best first half year since 2019, putting the used car market now just 3% below pre-Covid sales

James Wilson, chief operating officer of used car marketplace Motorway.co.uk, said there is a 'consumer desire to switch to used electric vehicles,' especially now they've become more affordable following some rather drastic depreciation

James Wilson, chief operating officer of used car marketplace Motorway.co.uk, said there is a 'consumer desire to switch to used electric vehicles,' especially now they've become more affordable following some rather drastic depreciation

Hawes commented: 'The increased supply of electric vehicles to second and third owners is helping more motorists make the switch – underlining the importance of energising the new EV market to support a fair transition for all.'

James Wilson, chief operating officer of used car marketplace Motorway.co.uk, said: 'There is a consumer desire to switch to used electric vehicles, with drivers looking to the used market as an affordable entry point to transition to lower emission vehicles.'

Both Hawes and Wilson called on the government to offer better incentivised charging to improve EV adoption and make it cheaper to switch.

If this is achieved Wilson says, 'we could really see EV sales skyrocket across both the new and used car markets'.

The Ford Fiesta is still Britain's most bought and sold second-hand car with over 77,000 changing hands between April and June

The Ford Fiesta is still Britain's most bought and sold second-hand car with over 77,000 changing hands between April and June

The Fiesta is ahead of the Vauxhall Corsa (63,700) and Ford Focus (59,000) in terms of the most commonly bought used motors in Britain in the second quarter of the year

The Fiesta is ahead of the Vauxhall Corsa (63,700) and Ford Focus (59,000) in terms of the most commonly bought used motors in Britain in the second quarter of the year

In contrast to rising EV sales, transactions of second-hand diesels fell – down 1.2 per cent. 

While petrol and diesel powered cars still accounted for 92.4 per cent of all used cars changing hands, this was down from 94.3 per cent last year.

The Ford Fiesta was the UK’s most-bought used car between April and June, with 77,000 transactions. 

This was followed by the Vauxhall Corsa (63,700) and the Ford Focus (59,000).

Matas Buzelis, car expert at vehicle history checking service carVertical, said: 'There is a sense of renewed optimism as buyers return to the market and concerns over supply chain issues, as well as the outlook for the UK economy begin to ease.

'There is also better choice in the used car market now than 12 months ago as supply has improved significantly, which is helping to increase demand and boost sales.

'A similar trend is emerging with second hand EVs, as their increasing availability is leading to lower average prices and soaring sales.'

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