Sales of used electric cars reach record market share

Sales of pure electric used cars reached a record market share last year, new figures show.

Some 188,000 such vehicles changed hands in the UK in 2024, the Society of Motor Manufacturers and Traders (SMMT) said.

This represented 2.5% of the total sales of 7.6 million.

In 2023, the market share for pure electric used cars was 1.7%, out of a total of 7.2 million.

The SMMT warned that growing demand for used and new electric vehicles (EVs) “cannot continue to be taken for granted”.

Impact

It said that the decision to remove EVs’ exemption from vehicle excise duty (VED) and the expensive car supplement from April 1 was “likely to impact on the used market” as it was “drastically increasing ownership costs” for the first six years of their use.

Last year, petrol and diesel used cars took a market share of 92.1%, down from 94.3% in 2023.

SMMT chief executive Mike Hawes said: “The used car sector’s 25-month growth streak is good news for fleet renewal and for consumers benefiting 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.”

Transactions

The Ford Fiesta was the UK’s best-selling used car last year, with 306,000 transactions.

This was followed by the Vauxhall Corsa (253,000 transactions) and the Volkswagen Golf (231,000).

James Wilson, chief operating officer of used car marketplace Motorway.co.uk, said: “It’s promising to see another year of growth for the used car market.

“With a year of elections, policy changes and economic uncertainty, it’s unsurprising that price-conscious consumers turned to the used car market for more affordable motoring options.”

James Hosking, managing director of AA Cars, said: “The used car market is on a roll, celebrating its eighth consecutive quarter of growth and record demand for pre-loved EVs.

“With more electric and hybrid vehicles entering the second-hand 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.”