Used electric car market booms by 82% as buyers rush to buy

New industry figures suggest that sales of used electric cars are driving a growth in the second-hand market. According to industry body the SMMT, a total of 1,832,267 vehicles were sold between April and June 2023 - a 4.1 per cent rise over the same period in 2022.

Despite numerous media reports citing a collapse in sales and value of electric cars, battery electric vehicles were the driving force behind the rise in sales, with a 82 per cent increase in volume. In total, 30,645 used battery electric cars (BEVs) were sold between April and June 2023. Hybrids and plug-in hybrids (PHEVs) were up by 11.4 per cent to 18,437 units with 53,634 cars sold in the Q2 trading period.

Founder and CEO of Electrifying.com Ginny Buckley said:
“The news today that used electric cars are driving growth in the second-hand market is a step in the right direction, but we still have a long way to go.
“We know from our own research that many drivers are still hesitant about buying a used electric car, which is often down to a misplaced lack of confidence in the health of the battery. This, together with a dearth of financial incentives and doubt in our public charging infrastructure are doing little to help private buyers on their electric journey.
“Now more than ever, we need to be encouraging people to make the switch, and stimulating the used electric car market is key to this. This could be done by improving our public infrastructure, equipping people with the correct knowledge, and introducing a subsidised used car loan to help consumers go electric. Similar to the one already in place in Scotland, this would help to increase demand and even make finance on new cars more affordable by improving residual values.”

Also commenting on the figures, SMMT chief executive Mike Hawes 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.”

The SMMT’s results mirrors data generated by Electrifying.com’s own used car marketplace that suggests values for used electric cars is on the rise. Increased demand and a decline in supply has led to buyers chasing fewer available models. The average price of a used electric car on Electrifying.com’s Used Car marketplace has risen by 3.7 per cent since June while the number of cars for sale across the UK’s biggest online sales channels has fallen by 22.2 per cent.