Sales of used electric cars reach record high

Purchases of pure electric used cars have reached record levels, new figures show.

Some 53,423 of the cars changed hands between July and September, the Society of Motor Manufacturers and Traders (SMMT) said.

That is a surge of 57.0% compared with the same period last year, as the market share held by pure electrics rose from 1.8% to 2.7%.

Sales of used hybrids and plug-in hybrids also rose, up 35.8% and 29.0% respectively.

Meanwhile, 1.12 million petrol cars (up 5.7%) and 680,000 diesel cars (down 3.9%) found new owners.

The overall used car market grew by 4.3% to 1.97 million sales.

SMMT chief executive Mike Hawes said: “Growth in the used car sector is good news and driven by an outstanding range of desirable and, increasingly, zero-emission vehicles, to suit every budget.

“Maintaining this depends on a healthy new car market, particularly for EVs (electric vehicles).

“Giving consumers the confidence to switch from their familiar petrol or diesel vehicles requires confidence and incentives otherwise many would-be new car buyers will sit on their hands, leading to a diminishing market that will inevitably limit used car availability and affordability.

“This will be to the cost of motorists, the economy and the environment – making a review of support for the transition, and the regulation intended to deliver it, an urgent priority.”

The SMMT said on Tuesday that registrations of new cars fell by 6.0% in October compared with the same month in 2023.

Ian Plummer, commercial director at online vehicle marketplace Auto Trader, said: “With the recent lacklustre performance in the new car market, it’s very positive to see such strong consumer appetite for used EVs.

“On our platform, demand has rocketed this year, especially among the ‘middle aged’ electric cars which on average are the same price, if not less than, their petrol or diesel counterparts.

“They’re currently flying off forecourts 10 days faster than the rest of the used car market.”

James Wilson, chief operating officer of used car marketplace Motorway.co.uk, said: “It’s a positive quarter for the used car industry as a whole, and a step in the right direction for the used-EV market.

“There’s still lingering nervousness around charging infrastructure and battery health, but on the whole consumers and dealers are increasingly looking to the used market as the UK drives towards electric.”

A Department for Transport spokesperson said: “We are absolutely committed to delivering greener transport by supporting the transition to electric vehicles.

“Today’s figures are excellent news, showing that sales of used electric vehicles are on the up. We will continue to support industry and consumers to make the switch, with over £300 million announced in the Budget to support uptake.”

Published: 07/11/2024 by Radio NewsHub

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