Demand for second hand battery electric vehicles (BEVs) doubled throughout July, August, and September this year, reaching a record 1.8 per cent share of the UK’s overall used car market, the latest industry figures have revealed.
Published today by the Society of Motor Manufacturers and Traders (SMMT), the new sales data shows more than 34,000 second hand battery electric cars changed hands in the UK over the three month period, marking a near-100 per cent rise in volumes on the same period last year.
In addition to the record used battery EV sales during the quarter, the market for second-hand plug-in hybrids also delivered strong growth, rising by over 34 per cent, according to the automotive trade association. Sales of used hybrid vehicles also rose 46 per cent year-on-year.
It came as the wider market for all forms of used cars – including fossil fuelled vehicles – enjoyed 5.5 per cent growth during the period, with almost 1.9 million units changing hands across all segments altogether.
The increase marks the third successive quarter of growth, with 98,713 more transactions compared with the same period in 2022, following a robust increase in supply as the new car market recovers. However, uptake remains almost 10 per cent behind pre-pandemic levels, the data shows.
EVs remain only fraction of the overall used car market at present, but the rapid growth in the market demonstrates accelerating consumer demand for battery-powered cars on Britain’s roads, the SMMT said.
The trade body’s chief executive, Mike Hawes, said “re-energised supply” had unlocked demand for pre-owned electric vehicles, with the result being that twice as many motorists switched to zero emission motoring in the quarter.
“Maintaining this momentum requires growth in the new car market, to boost supply to the used sector and cement this success,” he said. “Equally important is the urgent need for charging infrastructure rollout so that all drivers can have confidence in being able to charge whenever and wherever they need.”
Colin Walker, head of transport at the Energy & Climate Intelligence Unit (ECIU) think tank, said the latest industry sales data underscored growing UK demand for electric vehicles, which he pointed out could serve to save drivers significant sums on running costs compared to petrol and diesel cars.
“Over 80 per cent of car sales take place on the second-hand market and used EVs are already appearing at sticker prices that more people can afford, hence sales heading north,” he said. “In the midst of a cost of living crisis, EVs can deliver real savings for their owners.
“Recent analysis by the ECIU has found that a second-hand EV can save its owner over £1,200 a year in fuel costs alone. This means that the 34,021 second hand EVs bought in the last quarter will save their owners over £41m a year.”
However, Walker said that for more people to access the savings and benefits that come from EV ownership, the second-hand market needed to continue growing, which could only be achieved through increased supply.
“This is why the introduction of the government’s proposed Zero Emission Vehicle Mandate is critical,” he continued. “In requiring an increasing proportion of the vehicles sold by car manufacturers to be EVs, the pace at which new EVs arrive on the UK’s roads will increase. In turn this will increase the pace at which more EVs will become available on the second-hand market.”
The update comes hot on the heels of the latest monthly new car sales data from SMMT earlier this week, which revealed that new electrified vehicles – including BEVs, plug-in hybrids, and hybrids – saw their market share rise yet again in October, accounting for 37.6 per cent of all new car registrations.
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