Used electric car sales accelerate to record quarter as motorists seek shelter from forecourt pain

"Figures published by the Society of Motor Manufacturers and Traders (SMMT) show that 86,943 used pure-electric cars changed hands between January and March, a 32 per cent jump on the same period last year and the strongest quarterly performance since records began. Battery-electric models also captured a record 4.3 per cent share of the second-hand market, edging the technology closer to the mainstream."

"The headline EV growth came against a notably subdued backdrop for the wider sector. The SMMT reported that just over two million used vehicles in total changed hands during the first three months, leaving the broader market essentially flat. That contrast underlines the speed at which the electrification thesis is now feeding through to ordinary forecourt decisions, particularly among private buyers and small business owners weighing the total cost of ownership."

"Mike Hawes, chief executive of the SMMT, said the surge reflected the widening pool of affordable used electric stock coming back into the market three or four years after the first significant wave of new EV registrations. He warned, however, that the trajectory remained dependent on continued policy support for the new-car market that ultimately supplies it."

""Growing choice from manufacturers is feeding through into the second-hand electric vehicle market," Mr Hawes said. "High fuel prices, given the conflict in Iran, may increase demand even further but to maintain this momentum, every fiscal and policy lever must be pulled to ensure a healthy new car market that delivers zero-emission vehicles that can in future flow through to the used market.""

Used battery-electric car sales rose to a record level in the first quarter, with 86,943 vehicles changing hands and a 32% increase year on year. Battery-electric models reached a record 4.3% share of the second-hand market, moving closer to mainstream adoption. Overall used-vehicle sales were essentially flat, with just over two million transactions in total during the same period. The growth reflects a larger supply of affordable used EVs entering the market several years after early new EV registrations. Continued policy support for the new-car market is needed to sustain momentum and ensure zero-emission vehicles flow into the used market.

Read at Business Matters