Drivers in Britain are not afraid to buy second-hand electric cars and sales of used vehicles have risen over the past three months, according to the latest figures from the sector.
Amid concerns about battery longevity, range anxiety and a lack of public charging infrastructure, increasing availability and high levels of depreciation resulting in rock-bottom prices have sparked new demand for used EVs in Q2 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 of April to June compared to the same period in 2023.
And used electric vehicles were in particularly high demand: sales rose by more than 50 percent.
Used electric cars were in particularly high demand in the second quarter of the year, with sales up a massive 52.6% between the start of April and the end of June, the SMMT said.
SMMT chief executive Mike Hawes said it was “encouraging” to see the market continuing its recovery, adding that greater choice and affordability had been achieved thanks to a “rejuvenation” in demand for new cars.
Its mid-year used car report shows 131,128 additional transactions compared to April and June of last year, thanks to sustained growth in the new car market that has translated into offering more choice and availability of models in the used sector.
And monthly growth showed a strong and sustained performance with used car sales transactions increasing every month of the year, with the first six months increasing 6.8 percent compared to 2023.
Nearly 4 million (3,931,318) used vehicles have changed hands by mid-2024.
This marks the best growth since 2016 and the best first half since 2019, putting the used car market now just 3 percent below pre-Covid sales.
A key driving force behind sales is the growing number of motorists switching to used electric vehicles, with 46,773 fully electric vehicles finding new owners between April and June.
This represents a year-on-year growth of 52.6 percent.
Electric vehicles still account for only 2.4 percent of the used vehicle market. However, this is the highest share ever, compared to 1.7 percent in the same period last year.
Sales of plug-in hybrid vehicles (PHEV) and hybrid electric vehicles (HEV) also grew (25.2 percent and 43.6 percent respectively), but gasoline remained the most popular fuel type, up 9.2 percent.
The second quarter marks the best growth since 2016 and the best first half since 2019, putting the used car market now just 3% below pre-Covid sales
James Wilson, operations director of used car marketplace Motorway.co.uk, said there was a “consumer desire to switch to used electric vehicles”, especially now that they have become more affordable after a fairly drastic depreciation.
Hawes commented: “The increased supply of EVs 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, operations director of used car marketplace Motorway.co.uk, said: “There is a desire from consumers to switch to used electric vehicles, with drivers seeing the used market as an affordable entry point for the transition to lower emission vehicles.”
Both Hawes and Wilson called on the government to offer better charging incentives to improve EV uptake and make switching cheaper.
If this is achieved, Wilson says, “we could really see electric vehicle sales skyrocket in both the new and used car markets.”
The Ford Fiesta remains the most bought and sold second-hand car in Britain, with more than 77,000 units changing hands between April and June.
The Fiesta is ahead of the Vauxhall Corsa (63,700) and Ford Focus (59,000) as the most bought used engines in Britain in the second quarter of the year.
In contrast to the increase in sales of electric vehicles, transactions of used diesel vehicles fell by 1.2 percent.
While petrol and diesel cars still account for 92.4 per cent of all used cars changing hands, this figure is down from 94.3 per cent last year.
The Ford Fiesta was the most bought used car in the UK between April and June, with 77,000 transactions.
They were 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 about supply chain issues as well as the outlook for the UK economy begin to ease.
‘In addition, there is now better supply in the used car market than there was 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 electric vehicles, as their increasing availability is leading to lower average prices and increased sales.’
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