UK's electric car market hits £1 billion as EVs surge

The UK has witnessed a significant growth in its used electric vehicle (EV) market, with the total value surpassing £1 billion. This surge is attributed to an increase in the availability of second-hand EVs, driven by a rise in new registrations and a decrease in prices. In 2023 alone, over 315,000 EVs were registered, contributing to a growing supply of used vehicles expected to continue in the coming years. As older models return to the market, buyers will have more options than ever before. The Nissan Leaf has emerged as the most popular used electric vehicle, capturing 8.6% of the market share in 2023. While petrol and diesel vehicles still dominate the second-hand market, the share of EVs has risen significantly, from 3.5% in December 2023 to nearly 8%. This shift indicates a growing acceptance of electric vehicles among consumers, reflecting a broader trend towards sustainability in transportation. One of the most notable changes in the used EV market is the substantial drop in prices, with reductions of 10% to 20% observed over the past year. The average price of a used EV is now approximately £26,865, down from £27,864 in January 2024. This price decline has made electric vehicles more accessible to buyers, encouraging a transition to electric mobility at a lower cost. Looking ahead, experts predict that the number of used EVs available for sale could more than double by 2025. This anticipated growth will not only provide consumers with a wider selection but also foster competitive pricing, potentially increasing the proportion of EVs in the used car market to 20%. The future of the used EV market in the UK appears bright, driven by ongoing shifts in consumer preferences and market dynamics.