EV volumes rise in the UK used market

Chris Plumb, electric vehicle expert at cap hpi

The volume of used electric vehicles (EVs) available in the UK has risen by 27% since 2017 according to automotive data experts cap hpi.

The study examined used vehicle disposal data across the UK and shows the increase rises to 30% when comparing the first two months of 2018 to 2019.

Electric vehicles are the fastest growing sector of the new car market with Q1 sales up over 50% compared to 2018. Demand is also increasing in used markets with average used values up by 14% over the last 12 months.

Demand for small used electric vehicles is soaring due to a combination of factors including the rollout of clean air zones, cheaper running costs, increased charging points, incentives to drive and wider availability from manufacturers has helped pique interest in EVs.

Commenting on the increase Chris Plumb, electric vehicle expert at cap hpi said: “The past few years have seen a steady growth of the new electric cars being registered in the UK, 2018 saw an increase of 13.8% over 2017 according to the SMMT. This has resulted in more used EV’s entering the market and satisfying the growing demand from the used consumer.  Residual values are improving, with some models, such as the Renault Zoe, actually increasing in value in recent times.”

The Renault Zoe continued to perform strongly due to low volumes in the market, an 8% increase in April means that a one-year-old Zoe is worth almost 50% more than it was at the start of 2018 – a rise of around £5,000.

Plumb concluded: “New electric cars can still be expensive to either buy or run on a finance deal with the used car offering much better value for money. The choice of used EV’s continues to grow, and most people will find a used EV that will suit their travel needs and hit the right price point.”

 

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