Used BEV Sales Surge in Q3, Outpacing Overall Used Car Market Growth

The latest data from the Society of Motor Manufacturers and Traders (SMMT) has revealed some exciting news for the electric vehicle (EV) market. Sales of used battery electric vehicles (BEVs) soared in Q3, outstripping the growth in the wider used car market. A record 53,423 used BEVs found new owners in the last quarter, a jump of 57.0% and recording the largest-ever BEV market share at 2.7%.

This surge in used BEV sales comes after a prolonged slump that saw values dive 50% over the last 24 months. The BVRLA has even launched a campaign calling on the government to take action to avoid a crisis in the EV market. Despite this, Auto Trader has reported strong consumer appetite for used EVs, with demand skyrocketing this year.

Ian Plummer, commercial director at Auto Trader, noted that used EVs are flying off forecourts 10 days faster than the rest of the used car market. This highlights the importance of affordable prices in the transition to electric vehicles. Plummer also mentioned that ‘middle aged’ electric cars are currently priced similarly, if not lower, than their petrol or diesel counterparts.

The SMMT attributes the growth in the used car sector to an outstanding range of desirable and zero-emission vehicles available to suit every budget. However, the industry is calling for an urgent review of new EV market support and regulation to ensure the UK’s transition to electric vehicles stays on track.

Mike Hawes, SMMT chief executive, emphasized the importance of maintaining a healthy new car market, particularly for EVs. He stated that giving consumers the confidence to switch from petrol or diesel vehicles requires incentives and support. Without these, there is a risk of a diminishing market that will limit used car availability and affordability, ultimately impacting motorists, the economy, and the environment.

In conclusion, the surge in used BEV sales is a positive sign for the electric vehicle market. With strong consumer demand and a growing range of zero-emission vehicles available, the future looks bright for EVs. However, continued support and regulation are needed to ensure a smooth transition to electric vehicles and to maintain the momentum in the used car sector.