Nearly New EV Market Explodes

Mon 16th May 2022

The popularity of electric vehicles has been reflected across the motor industry, and now the secondary used car market has matured to the extent that EVs are now readily available and in demand.

Though there is not huge numbers of electric cars available, due to them being relatively new, analysis from the Society of Motor Manufacturers and Traders published this week shows that sales have doubled in the last year.

And as a sign of things to come, the sales for used electric cars in the first quarter of 2021 was 6,600 and this year that same period was 14,600, an increase of 120 per cent.

The nearly new market has enjoyed a stellar period in the last two years, as manufacturers have struggled to get new cars onto the forecourts due to supply chain issues and lockdown factory pauses. But the popularity of electric vehicles will also have been driven by the spiralling costs of petrol and diesel and some EV buyers are paying more for a used version than the actual list price from a brand.

“Electric car sales are energising the market, with zero-emission vehicles starting to filter through in larger numbers to consumers looking forward to driving the latest and greenest vehicles,” said Mike Hawes, Chief Executive of the SMMT.

“Although there is some way to go before we see the recent growth in new EVs replicated in the used market, a buoyant new car market will be vital to help drive fleet renewal, which is essential to the delivery of carbon savings.”

The popularity of electric cars, old or new, is also likely to be increased by continued punishments for any vehicle which emits CO2, with low emission zones hitting drivers hard.