- The used electric car market in the UK reached record high demand in 2024, according to the latest statistics from the Society of Motor Manufacturers and Traders (SMMT).
- Across 2024, approximately 188,382 fully-electric cars (BEVs) swapped hands on the used markets, marking an impressive 57.4% year-on-year rise from 2023’s figures.
- Overall, BEV’s share within the used car market for the year stood at 2.5% – rising to 2.7% for Q4 alone. However, if year-on-year increases can be maintained, their used market share could be considerably higher in just a few years.
UK demand for used EVs reaches record highs
Prices of used electric cars have represented significant value for money. Even electric SUVs like the MG ZS Electric can be had for under £11,000. It’s not just the year-old used EVs that represent great value either, with pre-registered EVs, with little to no mileage, also being sold at a considerable discount to list price. In 2024, UK online car marketplace Auto Trader saw a similar growing demand for used EVs through its service – with demand for used EVs rising on its site by a similar 51%. Meanwhile EVs were the fastest selling vehicle by fuel type on forecourts – taking just 29 days to sell from the original listing. For used EVs between three and five years old, that time dropped to an average of 23 days.
Ian Plummer, Commercial Director, Auto Trader, commented:
“2024 was another significant year for the used car market; prices were stable, cars sold at a record pace, and demand was exceptionally strong, as reflected in the near billion visits to our marketplace. All this against an uncertain economic and political backdrop. With car buyer confidence remaining positive, I’m sure 2025 will be another strong year for used car sales.
2024 also marked a significant step forward in the electric vehicle transition. Last year demand for used EVs surged 51% on Auto Trader, and they sold faster than any other fuel type. With a growing number of used electric models aged around 3-5 years old at price parity with petrol equivalents, affordability is clearly the tipping point for car buyers. Combined with more choice and greater availability, the case for switching has never been more compelling.
Knowing that affordability of EVs is the most significant barrier to people making the switch, we would urge the government to financially support the sale of both new and used EVs which could be achieved by support on the upfront cost, underwriting finance on the cars as has been mooted, or by removing additional tax and running cost charges. At this point in the transition, we need to offer more positives of making the switch, not create more barriers to entry.”
These figures bode well for the path to widespread EV adoption in the UK, particularly if sales of EVs on the new market continue to grow. With a significant proportion of those being lease or fleet vehicles which enter the used market after only a few years, the used EV market should remain healthy in years to come. However, with the introduction of new electric car road tax (Vehicle Excise Duty) rates from April, that will also apply to used EVs already on the road, caution was once again ushered by the SMMT’s chief executive on how this could impact not just new EV sales, but the used EV market also.
Mike Hawes, SMMT Chief Executive, said:
“The used car sector’s 25-month growth streak is good news for fleet renewal and for consumers benefitting from the greater choice filtering through from the new market. Record sales of second hand EVs also demonstrates strong appetite for these cutting-edge cars at lower price points. Ensuring ongoing growth, however, means maintaining that affordability, along with supply, which requires meaningful fiscal incentives to stimulate consumer demand for new EVs and removing the VED expensive car tax disincentive that risks dragging down used EV affordability for years to come.”
