2024: what's next for used EVs?

The used Electric Vehicle (EV) market is growing, which will continue into 2024. The growth is inevitable, reflecting the increase in new EV sales over recent years, but how well is that momentum growing?

According to SMMT data, ‘Battery Electric Vehicle (BEVs) sales soared in Q3’. The ‘soaring’ reflected a rise of 99.9%, recording a record 1.8% market share, up from 1.0% in the same period in 2022.

Plug-in hybrids (PHEVs) and hybrids (HEVs) also grew, up 34.6% and 46.4%, resulting in combined plug-ins increasing by 70.9% to comprise 2.8% of the market.

Meanwhile, petrol and diesel cars grew by 4.0% to 1,065,448 and 2.3% to 704,204 units. It means that ICE cars dominate used sales. However, the trajectory, notably in the newer end of the second-hand market, is starting to see increased demand for EVs.

 The top three fastest-selling used cars in the UK were all EVs and hybrids for the very first time in October and November, according to Indicata UK’s latest insights report.

The Toyota Prius topped the table of the UK’s fastest-selling used cars under four years of age, closely followed by the Tesla Model Y and Renault Zoe.

The report revealed that used BEVs had a Market Days’ Supply (MDS) of 52 days, hybrids had 53 days, and petrol cars led the way at 46 days.

Interestingly, the UK continues to have the lowest EV MDS in Europe, well ahead of the European average of 85 days.

This increase in demand for EVs has been helped by the 39.7% reduction in prices since the 1 of January 2023, and Indicata points to ‘an increased interest from dealers who are beginning to stock sub-£15,000 models on their forecourt in response to growing consumer demand.”

As I noted earlier, the outlook for EVs in 2024 is one of inevitable growth, and more dealers are seeing this trend and showing their customary agility to get on board with the rising demand.

Debbie Mckay, Commercial Sales Director