- Used EV sales jumped 52.6% in Q2 2024, reaching a record 2.4% market share.
- Mid-aged EVs aged 3-5 years are selling fastest, with a 138% sales increase year-on-year.
- The used car market is strong, with a predicted 5% sales increase by year-end due to high demand.
UK car buyers turn to used EV offers en masse with record sales
The UK’s used car market is shifting towards the electric future as deadlines creep closer. In the second quarter of 2024, BEVs jumped a remarkable 52.6% in sales, achieving a record-high market share of 2.4%. That’s up from the 1.7% share from last year, according to data from the SMMT.
Mike Hawes, Chief Executive of the Society of Motor Manufacturers and Traders (SMMT), commented:
“It’s encouraging to see the used car market continue its recovery, with choice and affordability rejuvenated by the new car sector’s sustained run of growth. 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. Maintaining momentum requires reliable, affordable and green EV charging up and down the country and incentives to get all of Britain on board the net zero transition.”
The trends are all heading in the right direction. In the same period, plug-in hybrid electric vehicles (PHEVs) saw notable growth, with sales rising 25.2% to 21,580 units. Meanwhile, hybrid vehicles (HEVs) surged by 43.6%, reaching 78,782 units.
Who better to ask about the state of the used car market than Auto Trader?
From its extensive website data, Auto Trader reports a positive month for used EVs across July. The standout trend was that 3-5-year-old EVs became the fastest-selling segment, averaging just 23 days to sell. Compare that to the overall average of 29 days for used cars and you get an idea of the pace of the segment.
Demand for 3-5-year-old EVs skyrocketed by 138% year-on-year in July. That’s the highest increase for any vehicle type. These mid-age EVs are growing massively in popularity as consumers seek more affordable, yet still relatively up-to-date models. Meanwhile, ‘nearly new’ electric cars (under a year old) are taking longer to shift. They took an average of 50 days to sell.
Here we see the affordability aspect coming into the limelight, as the relative price-drops for mid-age EVs are an attractive sell. New EVs come at an average price of £37,878, compared to £18,964 for 3-5-year-old models. Auto Trader has reported a growing interest in used EVs, which is coming into full strength now.
Ian Plummer, Commercial Director, Auto Trader:
“The maturing electric market’s been a bright spot this year, particularly those ‘middle-aged’ models which have benefitted from a significant softening in price. Used EVs are currently selling at their fastest rate in eight months, while those aged 3-5-years-old, which are now broadly at price parity with their petrol counterparts, are the fastest selling segment of the used car market, and by some margin. Clearly, when the price is right, buyers are eager to make the switch.
More broadly, the used market has had its challenges in 2024, but the first half of the year got off to a roaring start and it’s comfortably sustained its momentum. Retail prices returned to seasonal norms, used cars sold at near record pace, and as reflected in the additional 40m visits to our platform over the period, consumer demand has been strong, helping to fuel the uptick in sales. With such solid market fundamentals, combined with improving economic and political stability, we’ve every expectation the market will continue on its trajectory, and predict overall sales will be up around 5% by the end of the year.”
