Figures from the Society of Motor Manufacturers and Traders (SMMT) show Q1 sales of used battery electric vehicles (BEVs) increased by 71% to 41,505.
Increasing numbers of BEVs are entering the used car market, and they are the fastest-growing powertrain, posting a new record market share of 2.1%. Hybrids and plug-in hybrids also grew in popularity in the second-hand market, seeing a 49.3% rise for the former and 42.5% for the latter.
Conventional internal combustion engine vehicles remained the most prominent in the quarter. Still, buyers are increasingly attracted to the potential cost-saving and environmental benefits of electric vehicles (EVs).
As zero-emission cars from company fleets retire, customers can take advantage of the number of used low- and zero-emission models on the market. Petrol and diesel cars saw their market share drop by 2%.
Mike Hawes, SMMT chief executive, said: “A reinvigorated new car market is delivering more choice and affordability for used car buyers and, increasingly, they are choosing to go electric.
“To enable even more drivers to enjoy the benefits of zero-emission motoring, ensuring both supply and demand remain robust is essential. Incentivising new EV uptake and investing in a chargepoint network that is accessible, available, and affordable to all will drive the nation’s net zero transition.”
SMMT revealed in February that used BEV sales jumped by 90.9% year-on-year in 2023, noting that the uplift was “in line with growth in the new car sector and demonstrated keen demand for zero-emission motoring in this naturally more affordable price bracket”.
In the same month, the organisation shared that the UK had reached the milestone of over a million BEVs on the road.
Current± explored the potential of the second-hand EV market in a blog published late last year. Abdul Chowdhury, head of vehicle policy for the Office for Zero Emission Vehicles, called the second-hand EV market “critical to the UK’s transition to zero-emission road transport” and reaffirmed the government’s support for the market through grants and tax measures. To read the full blog, click here.
New EV uptake forecast reduced
For the new car market, SMMT data showed that April saw growth in new EV registrations for the 21st consecutive month.
However, EV volumes for this year have been revised downwards by -5.2%, with the anticipated market share now 19.8%, significantly below the government target of 22% per manufacturer under the Vehicle Emissions Trading Scheme.
While EV uptake rose 10.7% – bringing the market share to 16.9% for new vehicles – fewer than one in six new EVs bought in April went to consumers.
In March, Lloyds Banking Group released its Future of Transport report which recognised the progress made in the EV sector over the last year, despite the transport sector remaining the largest emitter of UK greenhouse gases.
According to the report, near 60% of participants said the expense of an EV was the main factor preventing them from switching. Charging infrastructure was mentioned as a barrier by over half of participants.
