Used electric car market shows record growth in 2024

Demand for used battery electric cars (BEVs) rose 57.4% to a record 188,382 units in 2024, according to the latest SMMT figures. They achieved a market share of 2.5%, up from 1.7% in 2023 and 13 times larger than back in 2019.

Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) also grew, up 32.2% to 92,120 units and 39.3% to 306,114 units respectively.

Combined, the number of used electrified vehicles sold increased by 43.3% on 2023, with more than half a million of these ultra low or zero emission motors accounting for a 7.7% share of sales.  

Overall, the UK’s used car market grew by 5.5% to 7,643,180 transactions in 2024, marking eight quarters of continuous growth. The year saw 400,488 more vehicles change hands than in 2023.

Petrol and diesel powered cars accounted for 92.1% of all used car transactions – down slightly from 94.3% last year. Petrol remained dominant, up 6.8% to represent 57.1% of the market, while diesel transactions dropped by -2.4%, accounting for 35.0% of all transactions.

Mike Hawes, SMMT Chief Executive, said: "The used car sector’s 25-month growth streak is good news for fleet renewal and for consumers benefitting from the greater choice filtering through from the new market. Record sales of second hand EVs also demonstrates strong appetite for these cutting-edge cars at lower price points. 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."