Demand for used EVs soars 57% in 12 months

The demand for used all-electric vehicles grew by a record 57.4% in 2024, according to figures published by the Society of Motor Manufacturers and Traders (SMMT).

Of the 7,643,180 used vehicles sold in the UK last year, 188,382 were EVs, representing a new high for EV market share. In 2024, EVs constituted 2.5% of all vehicles sold; a jump from 1.7% in 2023 and 13 times more than in 2019. The EV market share in Q4 remained unchanged from Q3 at 2.7%.

The growth in demand for second-hand electric cars far outstripped the wider used car market, which grew 5.5%.

Combined with plug-in and full hybrid models the number of used electrified vehicles changing hands increased by 43.3% on 2023, with more than half a million ultra low or zero emission motors accounting for a 7.7% share of sales, inline with the new car market.

Mike Hawes, SMMT chief executive, commented: “Record sales of second hand EVs 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.

“The used car sector’s 25-month growth streak is good news for fleet renewal and for consumers benefitting from the greater choice filtering through from the new market.”