The latest report from the Society of Motor Manufacturers and Traders (SMMT) suggests that the UK’s used electric vehicle (EV) market has reached unprecedented levels.
The latest figures show a 4% increase in used EV sales from 2022, which now represent over 5% of the second-hand market – a major milestone that shows the transition to EVs among UK motorists is accelerating.
Overall, the UK’s used car market grew by 5.1% in 2023, with 351,915 more motorists purchasing a second-hand vehicle than in 2022.
Why the used EV market is important
The used EV market isn’t just an afterthought – it’s a key player in accelerating the transition to sustainable transportation. Here’s why:
Affordability
New EVs can be pricier than their petrol and diesel counterparts. The used market offers more accessible entry points, making EVs a reality for a wider range of budgets. This is especially important for lower-income communities often left behind in technological advancements.
Driving demand
As more people experience the benefits of EVs through the used market, it fuels increased demand for new models. This signals to manufacturers that consumers are ready, encouraging them to invest in further development and production, ultimately bringing down overall costs.
Market maturation
With more used EVs available, the market matures, attracting investors and dealerships and leading to better infrastructure, financing options, and after-sales support. This creates a positive feedback loop, making EVs even more attractive.
Diversity and choice
The used market offers a wider variety of EV models, including older, discontinued ones, giving consumers more choice and flexibility to find the vehicle that best suits their needs and budget.
Access to affordable EVs can bridge the transportation gap, ensuring everyone benefits from cleaner air, quieter streets, and reduced dependence on fossil fuels. This fosters a more equitable and sustainable transportation system.
UK market at record levels
Throughout 2023, there was a significant surge in the sales of used battery electric cars (BEVs), nearly doubling and reaching a record high of 118,973 units, marking a 90.9% increase compared to the previous year.
This accounts for a notable 1.6% share of the overall market, a substantial rise from 0.9% in 2022. This growth mirrors the expansion observed in the new car sector and underscores the robust demand for zero-emission vehicles within the more accessible price range.
Furthermore, sales of hybrid electric and plug-in hybrid electric cars experienced notable growth rates of 40.0% and 25.1%, respectively. Collectively, electrified vehicles now constitute 5.6% of the market, a rise from 4.0% in 2022.
