Used EV market is at ‘tipping point’, say dealers

More than 90% of UK car dealers say the used electric car market is close to a “tipping point” where they become more popular than petrol or diesel cars.

Dealers questioned by Startline Motor Finance overwhelmingly agreed with the idea that drivers were increasingly interested in used electric cars, following a report by academics from the University of Exeter.

The university study suggested that interest in used EVs was growing and become more stable, pointing towards a point where interest in electric models will outweigh used ICE cars.

In response to this, Startline questioned dealers about their own experiences with buyers. As well as agree that a tipping point was on the horizon, most (53%) said buyers were much more comfortable with electric cars than previously, and 51% said used EVs were becoming “just another car in stock”.

Paul Burgess, CEO at Startline Motor Finance, said: “We asked this question following the publication of a paper from the University of Exeter showing the electric car market was near to a tipping point. Simply, we wanted to see whether dealers agreed with the academics – and the response was overwhelmingly positive.

“It perhaps isn’t a surprise to see a majority of dealers believe a pivotal moment for electric cars is approaching but the very high degree of backing for this idea is something of a shock. Essentially, our data shows electrification is very close to being an accepted fact of the used car market.”

The Startline poll also found that 41% of dealers reported interest from buyers was becoming “much more serious” than in the past.

Burgess added: “One thing we have noticed in the last year is that most of the dealers we work with now have at least some electric cars in stock. To an extent, this is a necessity because of current shortages for some age profiles of vehicle, but it also means these models are becoming just a normal, everyday fact of the motor industry.

“Of course, that doesn’t mean that some very real issues don’t remain – a lot of work remains to be done on the charging infrastructure, especially for those living in terraced houses and apartments – but there is now a sense of genuine momentum.”