Record Sales for Used Electric Vehicles as Prices Drop Across the UK
The used electric vehicle (EV) market in the UK continues to accelerate, hitting record levels in 2024. With prices dropping and more options becoming available, it’s clear that EVs are shifting from niche to mainstream. Data from the Society of Motor Manufacturers and Traders (SMMT) reveals a revolution in car buying habits, with both the sale of used EVs and new EVs reaching unprecedented levels. This trend signals a significant step forward on the road to widespread adoption of electric mobility.
Why Sales of UK Used Electric Vehicles Are Surging
The UK’s secondhand car market surged by 5.5% in 2024, with 7.6 million vehicles changing hands. Notably, used EVs recorded remarkable growth, with sales jumping by 57.4% compared to the previous year. The SMMT reports that buyers purchased 188,382 used electric cars, capturing 2.5% of the overall used car market.
This incredible growth owes much to the increasing affordability of used EVs. Popular models, such as the Tesla Model 3 and Kia e-Niro, have dropped in price significantly, in some cases nearing parity with petrol-powered equivalents. Colin Walker, head of transport at the Energy & Climate Intelligence Unit, highlights price parity as a key driver of EV demand, stating, “It demonstrates that once prices come down, the demand for electric driving is very much there.”
What’s Driving Demand in the Used EV Market in UK?
Increased Affordability
Affordability remains a major factor pushing buyers towards secondhand EVs. With household budgets under pressure and new EVs often out of financial reach for many, nearly new models are becoming the go-to option. James Hosking, managing director of AA Cars, noted, “This surge underscores a key consumer trend – affordability is king.”
Variety and Availability
The variety of used EVs on the market has also expanded. More electric and hybrid vehicles are entering the secondhand market, providing buyers with a wider array of choices. With black remaining a buyer favourite among car colours and superminis holding their position as the most popular car type, consumers benefit from diverse options that align with their budget and preferences.
Benefits of EV Ownership
The financial and environmental benefits of EV ownership are further boosting demand. Electric vehicles offer significant savings on fuel and maintenance, with potential annual savings of £1,600 as highlighted by Walker. Furthermore, the growing appeal of eco-friendly transport choices aligns with the UK’s climate goals, making EVs an attractive option for environmentally conscious buyers.
How New EV Sales Are Contributing
The success of the used EV market is clearly linked to the record-breaking sales of new EVs. For instance, in 2024, electric vehicles made up nearly a fifth of all new cars sold, a significant rise from 16.5% in 2023. This remarkable growth is largely driven by regulatory measures, such as the Zero-Emission Vehicle (ZEV) mandate, which requires manufacturers to gradually increase the proportion of zero-emission vehicles they sell. Notably, by 2030, 80% of new cars and 70% of new vans must be zero-emission, and this target will rise further to 100% by 2035. Consequently, these regulations are shaping the market and spurring the transition towards cleaner transportation.
The surge in new EV sales is also shaping consumer preferences. Sports utility vehicles (SUVs) emerged as the dominant car type among new EV buyers last year, outselling superminis for the first time. This trend is partly fuelled by the practicality of bulkier EVs, which offer more space for batteries and longer ranges, meeting the needs of family buyers and commuters alike.
Addressing Challenges for Future Growth of UK Electric Vehicles
Although demand for EVs in the UK remains robust, the global EV market has seen a dip in demand for new electric models, raising concerns over maintaining this momentum. The UK government plans to relax its ZEV mandate, which could slow the transition to electric mobility and affect the growth of the secondhand market.
Walker emphasises the importance of ensuring supply to sustain the secondhand market’s growth, stating, “The more new EVs are sold today, the quicker the secondhand market will grow.” For millions of UK households to access affordable electric vehicles and achieve significant savings, the supply of EVs must remain steady.
With global inflation creating cost-of-living pressures, ensuring competitive pricing for new EVs remains a priority. By continuing to support the ZEV mandate and pushing for greater affordability among new models, the UK could maintain its EV adoption trajectory and further expand the secondhand market.
A Bright Future for Used Electric Vehicles
The record sales for used EVs in 2024 mark a turning point for the UK automotive industry. With increasing affordability, more variety in models, and strong regulatory backing, the transition to electric mobility is well underway. The secondhand market, representing 80% of all UK car sales, remains critical to providing cost-effective access to EV ownership for millions.
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