Used electric car sales power surge in secondhand market
Sales of used electric cars have rocketed in the second quarter of 2024, outperforming every other fuel type.
The number of secondhand EVs jumped 52% in quarter 2 taking them to a new record high market share, according to the Society of Motor Manufacturers and Traders (SMMT).
The body which represents the UK’s car makers and sellers revealed that the used car market was up 7.2% as a whole between April and June, with 1,963,395 transactions. Of those, 46,773 were fully electric cars.
Hybrid vehicles were also up, reflecting their growing presence in the market in recent years. Used plug-in hybrid sales were up 25% and full hybrids up 43.6%. Petrol sales also rose, by a lesser 9.2%, and diesel transactions were down 1.2%.
The new data comes just days after the SMMT revealed that registrations of new battery electric vehicles were up 18.8%, with them now representing 18.5% of the new car market.
Separate data from HPI this week showed that used EVs are now cheaper than their petrol or diesel equivalents, making them more accessible than ever.
The new SMMT figures show that the used market has grown for six consecutive months and is now just 3% down on pre-pandemic levels, a result which SMMT chief executive Mike Hawes called “encouraging”.
He added: “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.”
Philip Nothard, insight director at Cox Automotive said the latest figures show market resilience in the face of multiple challenges in supply, demand and profit margins.
He commented: “The surge in BEV sales is particularly promising, reflecting a significant shift in buyer preferences. However, as we look ahead to the year’s second half, it’s important not to get too giddy. Supply will remain a battleground, and the composition of the car parc is shifting faster than consumer preferences.
“While used values may have settled compared to the volatility seen last Q4, this year’s Q4 will likely see renewed turbulence as the rush to meet ZEV mandate targets intensifies in the new car market.”
While the data shows a growing appetite for EVs and experts predict the trend to continue, electric cars currently make up just 2.4% of the total used car market and none has made it into the top 10 best-sellers list yet, which is dominated by small petrol hatchbacks.
