Pre-loved EVs soar to record levels, data finds

The used car market grew by 4.3 per cent between July and September, marking the seventh successive quarter of year on year growth, according to data from the Society of Motor Manufacturers and Traders (SMMT).

Some 1,965,811 vehicles changed hands, with 81,651 additional transactions compared with the same period in 2023, following growth in the new car market.

A record 53,423 used battery electric vehicles (BEVs) found new owners, a jump of 57 per cent, reflecting the largest-ever market share at 2.7 per cent, up from 1.8 per cent in the same period last year. 

Sales of plug-in hybrids and hybrids also rose, up 29 per cent and 35.8 per cent respectively. 

From January to September, transactions have risen in every month and with just one quarter to go until the year end, the used car market is up six per cent on the same period in 2023, with almost six million units sold in the first nine months.

Mike Hawes, SMMT Chief Executive, said: "Growth in the used car sector is good news and driven by an outstanding range of desirable and, increasingly, zero emission vehicles to suit every budget. 

"Maintaining this depends on a healthy new car market, particularly for EVs. Giving consumers the confidence to switch from their familiar petrol or diesel vehicles requires confidence and incentives otherwise many would-be new car buyers will sit on their hands, leading to a diminishing market that will inevitably limit used car availability and affordability. 

"This will be to the cost of motorists, the economy and the environment – making a review of support for the transition and the regulation intended to deliver it, an urgent priority."