A record number of used electric vehicles (EVs) were sold in the UK in 2024, driven by falling prices and an expanding selection of models, according to new industry data.
The Society of Motor Manufacturers and Traders (SMMT) reported that 7.6 million used cars changed hands last year, marking a 5.5% increase in total sales. Sales rose in every month of 2024, continuing the steady growth trend from 2023.
Boom in Secondhand EV Sales
The demand for used EVs reached new heights, with 188,382 electric vehicles sold, reflecting a 57.4% increase from the previous year. EVs accounted for 2.5% of the total used car market, signaling growing consumer interest in electric mobility.
The surge in used EV sales has been fueled by declining prices of popular models like the Tesla Model 3 and Kia e-Niro, which have become more affordable and, in some cases, are now priced similarly to petrol-powered vehicles.
Colin Walker, head of transport at the Energy & Climate Intelligence Unit, highlighted the impact of price reductions, stating:
“It is no coincidence that such strong sales growth comes on the back of EVs largely reaching price parity with petrols on the secondhand market. It demonstrates that once prices come down, the demand for electric driving is very much there.”
Affordability Driving Market Growth
As the secondhand EV market continues to expand, consumers now have more choices than ever.
James Hosking, managing director of AA Cars, emphasized the affordability factor, saying:
“The used car market is on a roll … With more electric and hybrid vehicles entering the secondhand market, buyers now have a wider selection than ever, helping to drive demand. This surge underscores a key consumer trend – affordability is king. With household budgets under strain, many are opting for nearly new models over splashing out on a brand-new car.”
New EV Sales and Government Mandates
The surge in used EV sales aligns with the record-breaking growth in new electric vehicle sales in the UK. Almost 20% of the 1.95 million new cars sold in 2024 were electric, up from 16.5% in 2023.
The rise of SUV sales, particularly in the electric vehicle segment, contributed to the growth, as these larger vehicles offer more space for batteries, improving range and efficiency.
The UK government’s Zero Emission Vehicle (ZEV) mandate is a driving force behind EV adoption, requiring 80% of new cars and 70% of new vans to be zero-emission by 2030, increasing to 100% by 2035. However, there are ongoing discussions about relaxing the mandate due to slower demand in the global new car market.
Colin Walker pointed out the significance of the secondhand market in EV adoption:
“With 80% of car sales taking place on the secondhand market, it has a vital role to play if millions of UK households are to access the £1,600 in annual savings that can come from owning an EV. But its growth is dependent on supply, which is why the government’s ZEV mandate has such an important role to play in ensuring that everyone is able to make the move to EVs. The more new EVs are sold today, the quicker the secondhand market will grow.”
Conclusion
The UK’s used electric vehicle market is expanding rapidly, driven by falling prices, wider availability, and increasing consumer interest. As more EVs enter the secondhand market, affordability continues to improve, making electric mobility accessible to a larger segment of the population. However, the future growth of the used EV market relies on the supply of new EVs, highlighting the importance of government policies and automaker strategies in shaping the transition to cleaner transportation.
