Used EV sales soar to ‘record high’ as low prices increase drive demand
Sales of pre-owned electric models increased by nearly 60 percent during the summer of 2024, with many popular models priced lower than petrol rivals.
The Society of Motor Manufacturers and Traders (SMMT) has reported a sharp rise in the sale of used electric vehicles following a large increase in supply.
According to the organisation, 52,423 used electric models found new owners between July and September, representing a significant 57% rise.
Quentin Willson, former Top Gear presenter and founder of EV campaign group FairCharge, highlighted the increase shows a growth in trust for the zero-emission models.
He explained: “The rise in sales of used EVs shows us that consumers are recognising the value, lower running costs, and minimal maintenance of electric cars.
“Many secondhand EV models are now priced at the same level, or less, than the equivalent combustion cars. The low total cost of ownership of EVs is galvanising the used market. The word is out.”
One of the most significant causes for the growth in used EV sales is the increasing number of ex-company cars entering the market, which led to many popular models falling in value.
In some cases, electric models are cheaper to buy used compared to petrol or diesel alternatives that have covered a similar mileage.
Analysis from the finance expert Cap HPI found that the average four-year-old electric car is a substantial 14% less than a petrol model of the same age.
Dan Caesar, CEO of Electric Vehicles UK, noted that EVs also offer substantially lower running costs compared to petrol and diesel cars, while sharing high hopes for 2025.
He added: “Lower running costs and the longevity of electric vehicles make them an increasingly appealing option.
“We’d expect the trajectory of used EV sales to go from strength to strength in 2025 as more consumers discover this.”
Whilst many motoring experts have praised the increase in sales of electric vehicles on the used market, some have criticised Labour’s lack of incentives for private buyers of new EVs.
During the Labour’s first budget in 14 years, Chancellor Rachel Reeves confirmed the freeze on Benefit-in-Kind, the tax paid on company vehicles, will continue until 2028 but insisted that private EV owners will need to pay road tax from April 2025, a measure first proposed by the previous Conservative Government in 2022.
Some automotive organisations have urged the Government to slash the VAT rate for public EV charging by half to 10 percent in a push to further lower running costs.
*Article published: https://www.express.co.uk/life-style/cars/1972888/used-electric-vehicle-sales-cheap-tesla-charging – image(s) extracted from article
