While the used car market is growing steadily, up by 4.3 per cent between July and September, the number of used EVs finding new homes in the same period rocketed by 57 per cent to a new record high.
A total of 52,423 used EVs changed hands according to the latest data from the Society of Motor Manufacturers and Traders, increasing EV used market share from 1.8 per cent in the summer of 2023 to 2.7 per cent now.
The swift growth is a reflection of the growing numbers of EVs being ‘de-fleeted’ by companies and leasing organisations, and could be seen as a vindication of the last Government’s choice to focus incentives for going electric exclusively on the business user market as the fastest way to grow EV numbers across the UK vehicle parc.
Currently, the Labour Government seems content to mirror that policy, with the recent Budget confirming Benefit-in-Kind incentives for company EVs beyond 2027, and offering no taxpayer cash to subsidise private EV buyers, despite industry pleas in respect of both new and used EV sales.
SMMT chief executive Mike Hawes renewed those calls while welcoming the latest figures showing increased EV penetration in the used market.
“Growth in the used car sector is good news and driven by an outstanding range of desirable and, increasingly, zero emission vehicles to suit every budget. Maintaining this depends on a healthy new car market, particularly for EVs,” he said,
He continued: “Giving consumers the confidence to switch from their familiar petrol or diesel vehicles requires confidence and incentives otherwise many would-be new car buyers will sit on their hands, leading to a diminishing market that will inevitably limit used car availability and affordability.”
Hawes also said the upshot of such a scenario would be added costs for drivers, the environment and the economy, and he called for a review of both the current incentive landscape and the ZEV Mandate regulations, forcing manufacturers to meet EV targets, as an urgent priority.
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