The UK’s used car market is experiencing a jolt of electricity. A YouGov survey commissioned by CTEK reveals a surging interest in pre-owned electric vehicles (EVs). Nearly one in eight UK adults (12%) plan to ditch gasoline for their next car, opting for a used fully electric battery electric vehicle (BEV) or a plug-in hybrid electric vehicle (PHEV).
Cost-Effective Electrification: Used EVs Lead the Charge
High upfront costs remain a hurdle for many considering new EVs. The CTEK survey underscores this challenge, highlighting the used car market as a more accessible gateway to electric mobility. This trend is reflected in the skyrocketing demand for used EVs.
Used BEV Sales Surge: Record Numbers Find New Homes
The Society of Motor Manufacturers and Traders (SMMT) reports a staggering 81.8% increase in used BEV sales during Q2 2023 compared to Q1 2022. A record-breaking 30,645 used BEVs found new owners, representing a significant 1.7% share of the total used car market. Used PHEVs also saw a healthy increase of 11.4% during the same period.
Double Play: Used EV Prices Drop Alongside Demand Rise
The used EV market isn’t just experiencing a surge in demand; it’s also witnessing a price correction. Auto Trader, a leading online marketplace, has tracked a five-month consecutive decline in average asking prices for used BEVs from major manufacturers like Citroen, Fiat, Ford, MG, Mazda, Toyota, and Nissan. As of July 2023, the average asking price for a volume used BEV stood at £23,176, a significant 22.5% decrease compared to July 2022. Premium used BEVs (Audi, BMW, Jaguar, Tesla) followed suit with a similar 22.9% price drop.
Used EV Market Poised for Continued Growth
Cecilia Routledge, CTEK’s Global Director of Energy and Facilities, predicts a significant rise in used EV demand. “The recent strong market for new EVs will help keep the supply of used EVs flowing,” she says. Routledge emphasizes the importance of expanding public charging infrastructure to keep pace with this growing demand.
Used EVs: A Boon for Fleet Buyers
The CTEK survey suggests that the burgeoning used EV market presents a promising opportunity for fleet buyers looking to offload their used electric vehicles. Additionally, the survey data indicates a high retention rate among current EV owners, with most BEV drivers likely to opt for another used BEV as their next car.
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