Used EV figures show we’re moving in the right direction

With so much focus on sales of new electric cars, it’s important not to forget about how the used car market is helping drivers make the switch.

The last couple of weeks have brought a flurry of news around used electric cars, showing that they are more widely available and cheaper than ever.

An awful lot of attention is focused on the new car market and how EVs are performing, but not so much is said about the role of the secondhand sphere in making EVs accessible to a wider audience.

While the new car market is vital – firstly in manufacturers hitting the ZEV mandate targets and, secondly, in creating supply for the secondhand market – the used segment is where most people will get their EVs.

Last year 1.9 million new cars were registered. In the same period, there were 7.2m used car transactions. The simple fact is most people don’t buy a brand new car, they buy secondhand, so better availability and affordability are vital.

And that’s why these latest figures are encouraging.

The SMMT has revealed that sales of used EVs jumped 52% in the second quarter of 2024, far outstripping every other type of fuel. A total of 46,773 were sold, up from 30,645 in the same period last year. Other sources, including auctioneers BCA, also report record levels of interest in secondhand electric models from consumers and retailers.

This rising number of sales is to be expected as more and more EVs come off the end of three-year PCP or business lease deals and become available on the secondhand market. But that in itself is great news. It shows that there’s a growing selection of suitable cars and that there are plenty of willing buyers out there opting to go electric.

And not only does growing supply give buyers a broader base of EVs to choose from but, as figures from valuation specialists HPI show, it makes them more affordable.

More availability inevitably means lower prices. That’s bad news for sellers but for buyers and for those keen to see more people make the switch, it’s hugely encouraging.

HPI’s figures show that used EVs are not just cheaper than they used to be on a direct age and mileage comparison, they are now, on average, cheaper than an equivalent petrol or diesel model. That’s huge.

The price of EVs is often cited as a major obstacle for buyers, with new models regularly costing thousands more than a petrol equivalent. The fact that a used EV is now cheaper than a petrol rival removes that roadblock and makes an EV a viable option for many more people.

And, as we know, once drivers go electric, very few go back to ICE.

Of course, it’s important not to get carried away. As a whole, EVs are still a small part of the new car parc and even smaller part of the used sector. And the market is facing tricky times as cooling private demand and tough government targets leave manufacturers racing to find ways to keep EV sales growing.

But, if our aim is to get more people into EVs quickly rather than simply selling more new cars, then anything that makes them more accessible must be viewed as good news.