Used EV market enjoys record uptake as one in 25 buyers switch

USED EVs had the fastest rising uptake of any powertrain in the latest SMMT statistics, soaring by 44.4% to take a record 4.0% market share.

Ongoing efforts by manufacturers to increase supply into the new car market, and rising consumer interest, saw EV uptake in the third quarter grow faster than any other powertrain – up 44.4% to 80,614 units, as one in 25 buyers made the switch for a record market share of 4.0%.3. Petrol remained the best-selling fuel type in the quarter, with transactions rising 1.9% to 1,145,148 units.

“With used EV uptake at a record high, a robust used car market is essential for fleet renewal and helps make electrified mobility more accessible for more motorists.”

Mike Hawes, SMMT Chief Executive Tweet

The UK’s used car market grew by 2.8% in the third quarter to reach more than two million (2,021,265) transactions, the best third quarter since 2021.

Matas Buzelis, car expert at car history checking firm carVertical, commented: “The third quarterly rise in used car sales this year suggests that consumer confidence is firmly restored and the market is edging back towards long-term stability.

“With new car prices still high and finance costs limiting affordability, many drivers are turning to the used market for better value and quicker availability. The growing volume of ex-fleet electric and hybrid models is also widening choice and helping to normalise EV pricing.”

Stabilising EV residuals

From the leasing industry perspective, concerns about EV residuals continue. Earlier this month the BVLRA’s Member Outlook report noted that EV residuals ‘declined by 60% between September 2022 and September 2024, and have dropped a further 10% since then, leaving almost all of the first wave of EV contracts in the red.’

The report also focused on remarkable growth in used EV leasing and the efforts that some companies are putting into this.

Last month during Used EV Week the BVRLA brought industry representatives and stakeholders together to raise awareness of the benefits offered by used electric vehicles and the challenges being faced by the market.

The BVRLA’s work in this space is ongoing, and it says that any members wishing to get involved further should contact adamf@bvrla.co.uk