Used EV market soars
Used battery electric vehicle (BEVs) sales have continued to soar, growing by 81.8%, according to the Society of Motor Manufacturers and Traders (SMMT).
Rising to 30,645 units in the second quarter, it now representing 1.7% of the market – a new record – and almost double last year (1.0%).
Double-digit growth also continued for plug-in hybrids (PHEVs) and hybrids (HEVs), up 11.4% to 18,437 units and 29.5% to 53,634 units respectively.
The rising proportion of electrified vehicles meant that market share for conventionally powered cars marginally fell to 94.3% from 95.7% last year.
The UK’s used car market rose overall by 4.1% with 1,832,267 units changing hands. This increase equates to an additional 72,583 transactions compared with the same period in 2022.
The easing of supply chain disruptions has driven sales growth in every month so far this year and, although the Q2 market remains -9.9% below 2019 levels, its recovery continues apace.
Kevin Pratt, car insurance expert at Forbes Advisor, said this could be the “turning point” on the EV journey.
He said: “We may look back at the second quarter of 2023 as a turning point in the fortunes of electric vehicles in the UK. The transition away from internal combustion engines only has a hope of succeeding if there is a buoyant second-hand EV market, with affordable options for those who cannot afford the high price of new vehicles. An increase of over 80% in the sale of second hand EVs in the period April – June confirms there is a rapidly growing appetite for these cars, facilitated by the growth in new EV sales over previous quarters. The market is maturing fast.”
Mike Hawes, SMMT Chief Executive, said: “It’s great to see a recharged new car sector supporting demand for used cars and, in particular, helping more people to get behind the wheel of an electric vehicle.
“Meeting the undoubted appetite for pre-owned EVs will depend on sustaining a buoyant new car market and on the provision of accessible, reliable charging infrastructure powered by affordable, green energy. This, in turn, will allow more people to drive zero at a price point suited to them, helping accelerate delivery of our environmental goals.”
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