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UK: Used EV market reaches record levels in the United Kingdom, says SMMT

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Used EV market Electric vehicles Sustainable transportation UK market EV sales
Used EV market Electric vehicles Sustainable transportation UK market EV sales

Introduction

Explore the burgeoning landscape of the used EV market in the UK, where sales have surged, accounting for a significant portion of the overall market. Discover why it’s imperative to embrace EVs, from their affordability and increasing demand to their role in market development and providing consumers with a diverse range of options. With sales of used battery electric cars reaching record levels, the market is experiencing unprecedented growth, signaling a shift towards more sustainable transportation options. Learn about the transformative impact of EVs on urban environments and how they contribute to a cleaner, more equitable future.

Some data on Used EV Market

The most recent data reveals a 4 % increase in used EV sales starting in 2022, which now account for more than 5 % of the used market. This is an important milestone that demonstrates how quickly UK drivers are switching to electric vehicles.

With 351, 915 more drivers buying used cars than in 2022, the UK’s used car market expanded by 5.1 % overall.

Why it’s essential to use EVs

The used EV market plays a significant role in hastening the switch to ecological transportation and is not just an afterthought. Here is the reason:

Affordability

New electric vehicles may cost more than their gasoline and diesel counterparts. EVs are now possible for a wider range of budgets thanks to the employed market’s more attainable entry points. This is crucial for lower-income communities that are frequently left behind in modern advancements.

Increasing demand

Through the utilized market, more people are benefiting from EVs, which drives up demand for new models. This gives manufacturers a heads-up that consumers are prepared, motivating them to spend money on future development and production, and finally lowering total costs.

Market development

The market matures as more used EVs become accessible, drawing investors and dealerships and resulting in better infrastructure, financing options, and after-sales support. This establishes a beneficial feedback loop, which increases the appeal of EVs.

Choice and diversity

Consumers have more options and flexibility to find the car that best suits their needs and budget thanks to the employed market’s wider selection of EV models, including older, discontinued models.

Everyone can benefit from cleaner air, slower streets, and lessening their reliance on fossil fuels thanks to the availability of cheap EVs that can close the transportation gap. This promotes a transportation system that is more equitable and long-lasting.

Market in the UK at record levels

The sales of used battery electric cars ( BEVs ) increased significantly throughout 2023, nearly doubling and reaching a record high of 118, 973 units, or 90.9 % more than the previous year.

This represents a sizable 1.6 % share of the market overall, up significantly from 2022’s 0.9 % share. This growth highlights the strong demand for zero-emission vehicles within the more affordable price range and mirrors the expansion seen in the fresh car sector.

Additionally, sales of plug-in and hybrid electric vehicles saw notable growth rates of 40.0 % and 25.1 %, respectively. Electrified vehicles now account for 5.6 % of the market overall, up from 4.0 % in 2022.

Conclusions

In conclusion, the surge in used electric vehicle (EV) sales in the UK underscores a significant shift towards sustainable transportation solutions. With increasing affordability and growing consumer demand, the market for used EVs is poised for continued expansion. Looking ahead, we can expect to see even greater adoption of EVs, driven by advancements in technology, expanding infrastructure, and government incentives. As more individuals and businesses embrace electric mobility, we anticipate a further reduction in greenhouse gas emissions and dependence on fossil fuels. This trend not only benefits the environment but also promotes economic resilience and social equity. By leveraging the potential of the used EV market, we can accelerate the transition towards a cleaner, more sustainable future for urban transportation.

Verónica Castro-Allende

With a rich background in urban technology and IoT, Veronica brings a unique blend of expertise and innovation to our platform. Her work focuses on integrating advanced engineering solutions into smart city infrastructures, emphasizing sustainable and efficient urban development. Her insightful contributions shed light on the future of urban living, blending technical prowess with practical urban applications

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