More used electric vehicles are flooding the second-hand market as the United Kingdom barrels toward its planned ban on new diesel and petrol cars in 2030. Society of Motor Manufacturers and Traders (SMMT) data shows that used EV sales have grown by 81.8% and now account for 1.7% of the total vehicle market.
Electric vehicles are a key component in global climate change efforts because they do not use dirty fuels. Transitioning to electric vehicles would allow countries to significantly cut down their use of dirty fuels and help combat the effects of climate change. However, electric vehicles are still too expensive for the average UK resident, especially since the UK market doesn’t offer smaller, more affordable electric offerings such as those available in China.
For drivers who would like to transition to electric cars but simply can’t afford to purchase a new one, the second-hand EV market is a great way to get their hands on a relatively affordable EV. As the electric vehicle market matures, these consumers will have more affordable options to choose from.
SMMT data reveals that demand for used EVs is growing. Used plug-in hybrid sales have gone up by 11.4% while sales of other hybrids increased by 29.5%. Used electric vehicles are in such demand in the UK that they have reduced the market share of used diesel-powered cars to below 95%.
With energy and fuel costs soaring to historic highs in recent months, it isn’t surprising that more UK drivers are opting to buy used electric cars. Electric vehicles are cheaper to refuel than conventional internal-combustion engine cars, making them an attractive option for families looking to reduce their expenses as much as possible in a cost-of-living crisis.
The market for second-hand electric cars will likely increase as more used vehicles enter the market and the UK approaches its 2030 ban on the production of new internal-combustion engine cars. Some experts say the second-hand market will rely on businesses and fleets with multitudes of EVs to supply used cars as they replace their fleets with newer models.
SMMT chief executive Mike Hawes notes that the future of the used EV market will depend on a “buoyant new-car market” to supply vehicles as well as a widespread, reliable and accessible charging network powered by renewable and affordable energy. This will help put more people into EVs while helping the UK work toward its environmental goals.
As ICE vehicle bans approach in different countries around the world, EV manufacturers such as Cenntro Electric Group Ltd. (NASDAQ: CENN) could see their sales increasing as motorists switch to electric vehicles when making new vehicle purchases.
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