Used electric cars sales hit record highs

New figures by the Society of Motor Manufacturers and Traders (SMMT) said that sales of pure used electric cars hit a record market share in 2024, this represents 2.5% of all the sales of 7.6 million vehicles.

In 2023 the market share was 1.7% out of the total of 7.2 million vehicles.

However, the SMMT warned that increasing demand for the vehicles “cannot continue to be taken for granted.”

In 2024 petrol and diesel cars held a market share of 92.1% compared to 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.”

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.”