The flow of used evs coming to market jumped 23.4% last year, show latest figures from the Society of Motor Manufacturers and Traders.
This is going to be a challenge for the resale trade but a tremendous opportunity said Seán Kemple, Director of Sales at Close Brothers Motor Finance.
The SMMT’s used car registrations show a slight 0.1% decline in sales of used cars for Q4 2019, and a dip of 0.6% for diesel cars but the used car market is holding steady.
He explained,“We may not have seen a roaring ‘Boris Bounce’ in car sales, but increased consumer confidence following the election has meant the traditional winter slowdown has been less biting and the tail end of December gave the quarter a much needed boost.
“On the whole, the tough 2019 for new car sales hasn’t hit as hard in the used market, and we’re likely to see this trend continue as drivers look to cut costs.
“In the run up to the petrol, diesel, and hybrid new car ban coming into play in 2035, the used market is the one to watch.
“Used diesel sales fell just 0.6%, a stark contrast to the 21.8% slump in new diesel cars in 2019 – evidently, drivers more suited to traditional fuel types are looking to second-hand vehicles to meet their needs.
“Even greener drivers can go second-hand, as the accelerating demand for alternative fuel vehicles trickles down from the new market – AFVs made up 1.7% of used cars sold in 2019, a 23.4% increase on 2018. For dealers, keeping on top of changing consumer attitudes is key – refreshed stock and an impressive digital forecourt will maximise sales and boost the bottom line.”
James Fairclough, CEO at AA Cars, considered the figures and said, “It may be that drivers who traditionally buy new cars start to enter the used car market to choose a greener vehicle while waiting for the cost of new electric vehicles to fall, or for new models to be introduced.
“The next set of results for the first quarter of 2020 will provide a fascinating clue into whether Brexit and environmental concerns are noticeably changing buying behaviour.”