- The latest Society of Motor Manufacturers and Traders (SMMT) sales figures show that the UK’s used car market has seen year-on-year growth for the seventh successive quarter, with the used market growing 4.3% between July and September, with over 1.96 million cars switching owners during the period.
- For EVs in particular, that rise was even more substantial, with 53,423 used fully-electric cars (BEVs) sold between July and September – an increase of 57% compared to the same period last year.
- This increase comes from the significant number of EVs sold just a few years ago – with many of those sold on lease and salary sacrifice schemes now coming to the end of their agreements.
Used electric car sales in the UK continue to rise
The record low price of used EVs, not just in the UK but across the world, is also helping this figure along, with deals that put used EVs at a price equal to or cheaper than their ICE counterparts – which make their purchase a no brainer, particularly for those able to charge them up at home for a lower cost per mile than an ICE car.
This consistent rise in used EV sales bodes well for increased consumer uptake of EVs, especially considering that over 9 in 10 EV owners would not return to a petrol or diesel model as their next vehicle, according to a recent survey from EVA England. Plus, the recent news that BEV market share in the new car market has remained above 20% for the third month in a row should mean that lightly-used EVs should continue to filter into the used market over the coming years. However, Mike Hawes, SMMT’s Chief Executive, has noted that maintaining this confidence in new EV purchase will be crucial for ensuring future health of the used EV market.
Recently, the BVRLA also noted that the large price reduction of used EVs was being ‘absorbed’ by new buyers and lease companies, which it called ‘unsustainable’ for the future of the used EV market. With the recent Labour budget taking some steps to continue incentivising new EV purchase, these monthly sales figures will be one to watch over the coming months and years.
Mike Hawes, SMMT Chief Executive, commented:
“Growth in the used car sector is good news and driven by an outstanding range of desirable and, increasingly, zero emission vehicles to suit every budget. Maintaining this depends on a healthy new car market, particularly for EVs. Giving consumers the confidence to switch from their familiar petrol or diesel vehicles requires confidence and incentives otherwise many would-be new car buyers will sit on their hands, leading to a diminishing market that will inevitably limit used car availability and affordability. This will be to the cost of motorists, the economy and the environment – making a review of support for the transition and the regulation intended to deliver it, an urgent priority.”
