Used electric car sales double as supply improves

Second-hand electric car income doubled successful the 3rd 4th of 2023 to springiness them a grounds marketplace share, arsenic the wide utilized marketplace grew for the 3rd 4th successful a row. 

In the 3 months from July to September, the stock of electrical cars connected the utilized marketplace roseate from 1.0% to 1.8% twelvemonth connected year, with full volumes expanding by 99.9% to 34,021 units. This grounds marketplace share, according to the Society of Motor Manufacturers and Traders (SMMT), was a effect of an summation successful supply, aided by an easing of the semiconductor shortage, which has boosted income of caller cars and, successful turn, fed the second-hand market.

The utilized marketplace arsenic a full grew by 5.5% during the 3rd quarter, with 51,893 much transactions than successful the erstwhile quarter, taking the full to 1,884,160 - the highest fig since the pandemic. 

The uptick successful second-hand electrical car income comes aft a slump successful prices successful the run-up to August, with values falling by an mean of 44%.

In September, however, values for little costly models, specified arsenic the Renault Zoe and BMW i3, appeared to bottommost out, with a autumn of conscionable 1%, though prices for much costly models continued to autumn successful October. For example, values for the Mercedes EQC and Kia EV6 dropped by 5.9% and 5.1% respectively.

SMMT CEO Mike Hawes said: "The utilized car marketplace continues to turn strongly, with re-energised proviso unlocking request for pre-owned electrical vehicles – the effect being doubly arsenic galore motorists switching to zero-emission motoring successful the quarter.

"Maintaining this momentum requires maturation successful the caller car market, to boost proviso to the utilized assemblage and cement this success. Equally important is the urgent request for charging infrastructure roll-out truthful that each drivers tin person assurance successful being capable to complaint whenever and wherever they need."

Alongside the twofold summation successful electrical car demand, the merchantability of utilized petrol and diesel cars besides grew, by 4.0% to 1,065,448 and 2.3% to 704,204 units respectively, portion plug-in hybrid utilized income accrued by 34.6% and hybrids by 46.4%. 

This coincides with yet different quarterly uptick successful the merchantability of utilized superminis, wherein the Ford Fiesta remained arsenic the UK's best-selling second-hand car during the 3rd quarter, with 79,756 sold. It was followed by the Vauxhall Corsa (61,290 sales) and Volkswagen Golf (58,298).

A full of 607,484 superminis changed hands, a 5.8% emergence connected the aforesaid play past year, with crossovers and 'dual-purpose' vans and SUVs becoming the adjacent astir fashionable category, making up 14.9% of the market. Sports and luxury saloons were the lone segments to acquisition declines, falling 1.8% and 2.5% respectively.