Record Breaking Used EV Sales Signal Market Shift in UK Economy

The United Kingdom’s used electric vehicle (EV) market achieved unprecedented growth in 2024, with sales soaring by 57.4% to reach 188,382 units, according to data released by the Society of Motor Manufacturers and Traders (SMMT). This remarkable surge has positioned EVs to capture 2.5% of the total used car market, marking a significant shift in consumer behaviour.

The overall used car market demonstrated robust health, with total sales climbing 5.5% to 7.6 million vehicles. Market analysts attribute this growth to increased affordability and a broader selection of available models. Popular EVs, including the Tesla Model 3 and Kia e-Niro, have experienced substantial price reductions, bringing them closer to price parity with traditional petrol vehicles.

Colin Walker, head of transport at the Energy & Climate Intelligence Unit, emphasised the correlation between price accessibility and demand. “The strong sales growth directly reflects EVs reaching price parity with petrols in the secondhand market, clearly demonstrating latent consumer appetite for electric mobility when cost barriers are removed,” he noted.

The used car market’s transformation mirrors developments in new vehicle sales, where EVs constituted nearly one-fifth of the 1.95 million new vehicles sold in 2024. This trend aligns with the government’s zero emission vehicle (ZEV) mandate, which targets 80% zero-emission new car sales by 2030.

Industry experts highlight the crucial role of the secondhand market in accelerating EV adoption. With 80% of car transactions occurring in the used sector, the market’s continued growth remains vital for enabling broader access to the estimated £1,600 annual savings associated with EV ownership.

The data also revealed interesting consumer preferences, with black remaining the predominant colour choice and superminis maintaining their position as the most sought-after vehicle category. These patterns suggest that whilst the market embraces technological change, traditional consumer preferences persist in certain aspects of car buying decisions.