Used electric car sales hit record highs at UK auction
Leading car auction service BCA has reported record sales of used EVs in recent weeks as dealers and buyers switch on to electric vehicles.
The firm sold almost 700 used EVs in the first week of July, marking a new high point for its trade. Its latest prediction is that more than 30,000 secondhand EVs will pass through its books in the next 12 months as more and more people recognise that used EVs present good value compared with ICE equivalents.
BCA said the rise was driven by professional buyer demand from dealers and its COO Stuart Pearson warned that traders who continue to ignore the secondhand EV sector risk being left behind.
The volume of EVs reaching the secondhand sector is roughly doubling each year and is expected to increase as manufacturers race to shift more new cars in line with the ZEV mandate. New figures show that across the UK, used sales have almost doubled since last year and, in line with booming supply, prices have fallen.
Stuart Pearson said that after early volatility due to low volumes and patchy demand, the used EV sector was stabilising and offering opportunities for buyers and sellers. He commented: “Whilst EVs remain a very small percentage of our daily online auctions, a much broader cross-section of buyers have engaged with purchasing them, following a number of significant pricing realignments and much greater stability in the current market.”
He added: “Specialist EV trade buyers at BCA are enjoying significant success right now, mainly driven by their understanding of the marketplace, their product knowledge, and their ability to fill a consumer with the confidence to dispel many of the myths surrounding EV.
“One of the most significant relates to battery health and supporting warranties and our data shows that, in the majority of cases, the general degradation is far less significant than most people expect. In fact, the warranty on the battery itself far exceeds the warranty traditionally associated with any aspect of an ICE vehicle.”
“Last year BCA sold 32 different brands of EVs and with rising volumes and a wider choice of product from city cars to luxury vehicles, the potential marketplace for used EVs is significant. With many examples also being better value than their petrol or diesel equivalent, it is perhaps a little surprising that uptake from consumers hasn’t been more positive?”
Pearson noted that those dealers already embracing used EVs were already enjoying “great success” in terms of profitability and stock turnover and were stealing an advantage over more cautious retailers but added: “With many vehicles having pricing parity to their ICE equivalent, I’m sure that the entrepreneurial nature of the industry will ensure that EVs become a more mainstream used-vehicle feature in even more dealerships relatively quickly.”
