Preloved electric cars boasted record demand in 2024, rising 57.4% to 188,382 units and taking 2.5% of the second hand market, according to latest industry data.
According to the figures from the Society of Motor Manufacturers and Traders (SMMT), that is up from a 1.7% share in 2023, and 13 times larger than in 2019.
Sales of used plug-in hybrids (PHEVS) and hybrids (HEVs) also grew, by 32.2% to 92,120 units and 39.3% to 306,114 units, respectively.
Combined, the number of used electrified cars changing hands increased by 43.3% compared with 2023, with more than half a million of these ultra low or zero emission vehicles accounting for a 7.7% share of sales.
This growth aligns with the new car market and demonstrates the increasing demand and choice across the sector for new and used electric vehicles, at price points to suit all potential buyers, says the SMMT.
However, it warns that such growth cannot be taken for granted. From April, many electric vehicles registered in the new car market will be subject to Vehicle Excise Duty (VED) and the Expensive Car Supplement – drastically increasing ownership costs during the first six years of a vehicle’s use, and therefore, it says, likely to impact the used car market.
Its chief executive Mike Hawes says that the record sales of second hand EVs demonstrates “strong appetite” for EVs at lower price points. He adds: “Ensuring ongoing growth, however, means maintaining that affordability, along with supply, which requires meaningful fiscal incentives to stimulate consumer demand for new EVs and removing the VED expensive car tax disincentive that risks dragging down used EV affordability for years to come.”
