Demand For Used Electric Cars Is Rising According to the SMMT

07/11/2024 15:05 Share

Recent data shows a clear rise in demand between July and September, with a record 53,423 used EVs sold.

The Society of Motor Manufacturers and Traders (SMMT) has today announced a rise in demand for used electric cars.

Data shows the used car market is up by 4.3%, indicating the seventh quarter of successful growth with almost 2 million used cars finding new owners.

Among these were 53,423 used EVs, marking a 57.0% growth from this time last year and their largest-ever market share at 2.7%.

Other types of electric vehicles such as plug-in hybrids and hybrids also saw a rise in demand, with a 29% and 35.8% growth respectively.

SMMT’s Chief Executive, Mike Hawes, said:

“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.

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.

This will be to the cost of motorists, the economy and the environment – making a review of support for the transition and the regulation intended to deliver it, an urgent priority.”

Why the rise in demand for used electric cars?

There are several possible reasons for the sudden spike in demand for used electric cars. The SMMT has suggested this is partly due to increased supply in the new car market. This has led to both greater choice and availability of used cars when owners eventually decide to part ways.

Other motivators could be falling prices for used electric cars, making them more affordable and accessible. The Zero Emission Vehicle (ZEV) Mandate has brought more nearly new EVs to the market, with car brands required to meet EV sales targets to avoid fines.

Of course, there are also the benefits of EV ownership which are increasingly appealing to car buyers with the current cost of living. These include:

Fuel and tax savings
Lower running and maintenance costs
Cheaper charging costs with a range of affordable options
Congestion Zone charge exemptions for fully electric vehicles
Free parking with some local councils and reduced parking permits

Businesses also enjoy savings with a lower Benefit-in-Kind (BIK) rate, plus government grants to help expand EV fleets.

Browse used electric cars at Bristol Street Motors

With used electric cars currently leading the charge for EV adoption, you might be thinking of making the switch yourself.

At Bristol Street Motors, we offer a wide selection of used electric cars to meet your needs. These are all fully prepped both mechanically and cosmetically to the highest standards, so you can be sure of quality.

With many of our dealerships holding Electric Vehicle Approved (EVA) accreditation, we’re well suited to help you make the switch. You can also benefit from our flexible finance options to help you spread the costs when getting your used EV.

View our latest offers below, or book an appointment at your local dealership for test drives and any further assistance. Want to know more about EVs first? Visit our Electric Car Hub.

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