Used electric vehicle (EV) sales soared in Q2 2023 by 81.8% year-on-year (YOY), research by the Society of Motor Manufacturers and Traders (SMMT) has revealed.
This means that used EV sales accounted for a record 1.7% market share and is up by 1% YOY. In total, 30,645 EVs changed hands in Q2 2023.
SMMT also stated that the rising proportion of EVs meant that market share for conventionally powered cars marginally fell to 94.3% from 95.7% last year, even though volumes of petrol and diesel cars saw growth of 2.5% and 2.8% respectively.
Mike Hawes, chief executive of SMMT, said: “It’s great to see a recharged new car sector supporting demand for used cars and, in particular, helping more people to get behind the wheel of an electric vehicle.
“Meeting the undoubted appetite for pre-owned EVs will depend on sustaining a buoyant new car market and on the provision of accessible, reliable charging infrastructure powered by affordable, green energy. This, in turn, will allow more people to drive zero at a price point suited to them, helping accelerate delivery of our environmental goals.”
These statistics for second-hand EV sales come as Octopus EV, part of Octopus Energy Group, recently committed to offer a second-hand salary sacrifice scheme for EVs in a bid to spur growth.
The ‘Nearly New’ leasing offers will allow consumers to purchase second-hand (less than two-years old) EVs for considerably reduced costs. This could offer greater accessibility for drivers to access the EV market.
It is also worth noting that SMMT also released figures on the growth of the EV sector this week stating that July 2023 was the “best month for EV registrations since 2020”.
The organisation revealed that registrations increased by 28% year on year (YOY). As a result, SMMT confirmed that the UK EV sector had enjoyed non-stop growth for a full year despite challenging economic conditions.
Current± publisher Solar Media is hosting its EV World Congress event in London this 10-11 October. The conference will focus on some of the key discussion points from across the EV sector including delivering coherent EV charging strategies, whether the UK is on course for its 2030 charging target, vehicle-to-grid (V2G) technology and more. More information, including how to attend, can be read here.