The sales of secondhand electric vehicles have grown dramatically in the UK, having doubled over the last year alone…
Secondhand EV Sales Surge
Rising demand for electric vehicles has seen the sale of secondhand models double over the last year alone. Figures compiled by the Society of Motor Manufacturers and Traders (SMMT) show that second hand sales have grown by 120%; from 6,600 in Q1 of 2021 to nearly 14,600 in Q1 of this year.
The market for secondhand cars, regardless of the powertrain, has boomed over recent years. This is largely a product of the coronavirus pandemic and subsequent supply-chain issues, especially those concerning semiconductors. With an exodus from public transport, more people opted to purchase a private vehicle. With the supply of new vehicles proving unreliable, many are forced to consider a secondhand option.
For now, the supply of secondhand EVs remains relatively small. This is because it takes time for a ‘trickle down’ effect to emerge, where drivers and business fleets swap them at a given point in their lifecycle.
‘Energising the Market’
Mike Hawes, the SMMT’s chief executive, has welcomed the new sales figures. He said, “electric car sales are energising the market, with zero-emission vehicles starting to filter through in larger numbers to consumers looking forward to driving the latest and greenest vehicles”.
He continued, “although there is some way to go before we see the recent growth in new EVs replicated in the used market, a buoyant new car market will be vital to help drive fleet renewal, which is essential to the delivery of carbon savings”.
Because of rising demand, the price of secondhand vehicles has risen dramatically. Data from Auto Trader suggests that prices for ICE models rose from £13,900 in April 2020 to £17,400 in April 2022. Prices for secondhand electric vehicles rose from £18,500 to £25,800 over the same period.
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