Britain’s used electric vehicle market is showing clear signs of picking up.
After years of prices falling, consumer demand for used EVs has grown this summer, with used prices having posted three consecutive months of annual growth in Autotrader’s records.
However, industry leaders warn that there is more to do before the used market can support the next phase of the transition in a sustainable way.
Autotrader’s August data shows like-for-like used EV prices rose 3.8% year on year. Three-to-five year-old electric models — the heart of the used market — rose 9.4% year on year to average £20,351.
Used EVs continued to sell faster than the wider market at an average of 27 days, with the three-to-five year cohort turning in just 26 days.
This summer could turn out to be an important milestone for Britain’s transition to electric driving.
A healthy used market benefits far more than second-hand buyers, who already account for the majority of vehicle transactions each year. Stronger residual values reduce the cost of leasing and personal contract purchase finance on new EVs and improve confidence for fleets and lenders.
Combined, these factors help to make new electric vehicles more affordable and accessible for households and businesses alike.
The trends suggest used EVs are becoming a mainstream choice for cost-conscious motorists, with rising demand increasingly driven by value and running costs rather than early adopter enthusiasm.
Rising petrol and diesel prices are making buyers rethink their purchases and the growing number of EVs is widening choice for used buyers while the recharging network is also expanding and inspiring confidence in finding public charge points.
