The UK’s used electric vehicle (EV) market has seen a significant boost in sales during the second half of 2024, driven by plummeting prices. The used car platform AA Cars has reported a sharp increase in demand, predicting a strong outlook for the sector.
Rising Sales Fueled by Falling Prices
According to the Society of Motor Manufacturers and Traders (SMMT), used car sales across the UK rose by 7.2% from April to July 2024, with EV sales soaring by 52.6%. James Hosking, Managing Director of AA Cars, highlighted that the decreasing value of second-hand EVs is attracting cost-conscious consumers. He noted that the used car market has experienced six consecutive quarters of growth, with buyers increasingly drawn to the value for money offered by lower EV prices.
Hosking also pointed out an interesting market trend: while petrol and diesel vehicles are becoming more expensive, the prices of electric and hybrid vehicles have dropped significantly. EV and hybrid prices fell by 12% between the first and second quarters of 2024, making them a more attractive option for drivers looking to reduce emissions.
Popularity of EVs Grows Despite Competition
Despite the surge in sales, no fully electric models made it to the top 10 best-selling used vehicles list for the second quarter of 2024. However, several popular models, such as the Vauxhall Corsa, Volkswagen Golf, and MINI, are available in electric versions, indicating growing consumer interest.
From April to July 2024, 46,773 fully electric used cars were sold across the UK, alongside 100,362 plug-in hybrids and full hybrid models, underscoring a significant shift in the used car market towards greener alternatives.
Market Outlook
As prices for second-hand EVs continue to drop, the UK’s used electric vehicle market is expected to keep growing, offering affordable options for consumers eager to transition to greener transportation. This trend is set to play a crucial role in the UK’s broader efforts to reduce emissions and promote sustainable energy solutions.
Source: express.co.uk
