Second-hand EV sales double in last quarter, so what’s driving used demand as new electric sales falter?
A spike in demand for used EVs has been reported by the Society of Motor Manufacturers and Traders, which says the number of pre-owned battery electric vehicles (BEVs) changing hands doubled in the third quarter of this year.
A rise of 99.9 per cent in used EV sales mean battery-electric cars have now reached a record 1.8-per cent share of the second-hand market, in part thanks to prices that have fallen due to the increasing availability of company-owned electric cars being ‘de-fleeted’. A recent report by online car retailer Auto Trader said the average price of a used BEV was around £32,000 at the end of October, with used prices for electric models appearing to stabilise at around 20 per cent below the levels recorded this time last year. Relatively cheap used-EV options range from three-year-old Renault Zoes, which are now undercutting similarly aged petrol Clios by around £500, and three-year-old Jaguar I-Pace EVs that undercut internal-combustion powered F-Pace models by almost £4,000, according to recent Auto Trader figures.
With around 750,000 EVs sold into the fleet market in the past three years now fuelling a used-EV sales mini-boom, the government’s approach of stimulating company BEV sales through large benefit-in-kind tax discounts for company drivers appears to be being vindicated as the fastest way to reduce the UK’s tailpipe emisssions.
Read more: AutoExpress