The UK used car market has seen a huge surge in pre-owned electric cars. According to the latest data from the Society of Motor Manufacturers and Traders (SMMT), the third quarter of 2024 saw used car transactions rise by 4.3%, marking the seventh consecutive quarter of growth. Nearly two million vehicles changed hands between July and September, with EV sales standing out as the fastest-growing segment.
The impressive 57% growth in used battery electric vehicle (BEV) sales highlights an increased appetite for EVs. This growth, however, comes amid industry calls for enhanced government support and clearer policies to keep momentum steady in both new and used EV markets.
Second-Hand EV Market In Numbers
| Metric | Q3 2023 | Q3 2024 | % Change |
|---|---|---|---|
| Total used car sales | 1,884,160 | 1,965,811 | +4.3% |
| Battery electric vehicles (BEVs) | 34,018 | 53,423 | +57.0% |
The overall increase in used car sales is partly due to continued demand for reliable petrol vehicles, which remain the dominant choice, accounting for over half of all transactions. However, the standout figure is the growth in BEV sales, with used electric vehicles representing their largest market share to date, now at 2.7%. This marks a considerable rise from 1.8% in the same period last year.
The Rise of the Pre-Owned EV Market
The surge in used BEVs can be attributed to several factors:
- Affordability
As new EVs remain costly, pre-loved EVs offer an affordable entry point for consumers. - Environmental Awarenes
With growing awareness around climate change, more consumers are opting for greener options. This shift is echoed by a steady increase in sales for all electric and Plug In Electric Hybrid models. - Salary Sacrifice Schemes Expand to Include Used EVs
Some salary sacrifice schemes are now offering used EVs. The Electric Car Scheme now has a fleet of used EVs, and other schemes are following suit. This lets employees to lease pre-loved electric cars at reduced rates through pre-tax payroll deductions. - Policy Uncertainty in New EVs
The absence of consistent policies and incentives for new EV purchases has driven consumers toward used EVs. With upcoming changes in emission standards and zero-emission zones, many drivers are exploring second-hand EVs as a way to meet future regulations at lower cost.
How Used EV Sales Compare by Vehicle Category
Certain categories in the used car market have retained their popularity, indicating that consumer interest in versatile, functional vehicles remains high even as eco-conscious options grow. The following table highlights some of the key vehicle categories and their performance:
| Vehicle Type | Q3 2024 Sales | % of Market Share | % Growth from Q3 2023 |
|---|---|---|---|
| Supermini | 637,865 | 32.4% | +5.0% |
| Lower Medium | 532,806 | 27.1% | +5.5% |
| Dual Purpose | 310,126 | 15.8% | +10.5% |
Used Car Market: Colour Preferences
Interestingly, colour trends remain largely stable. Black continues to be the best-selling colour, followed by grey and blue.
| Colour | Market Share (Q3 2024) | % Change YoY |
|---|---|---|
| Black | 21.2% | 0% |
| Grey | 17.6% | +7.9% |
| Blue | 16.1% | +2.8% |
| Silver | – | Decline |
Silver is the only colour in the top 10 to see a decrease in popularity, slipping to fifth place.
Policy and Market Implications
Industry experts are warning that without better incentives and regulatory frameworks for new EVs, the overall transition to zero emissions could slow. While the used market booms, buyers remain hesitant to commit to new EVs amid fluctuating government incentives, limited charging infrastructure, and ongoing discussions about taxation.
The SMMT and other stakeholders are calling for:
- Consistent Incentives: Clearer subsidies and financial incentives for new EV buyers to make the leap more appealing.
- Infrastructure Investment: Expanding charging networks to increase accessibility, particularly for those without home charging capabilities.
- Regulatory Clarity: Transparency on future taxation and emission regulations that may impact both new and used EV markets.
As we approach 2025, the dynamics in the UK’s used car market reflect both consumer adaptation and caution. With nearly six million cars sold so far this year, the sector is on track for a strong close. Whether this momentum carries over into the new EV market will likely depend on the government’s response to industry appeals for support.
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John is the Editor and Spokesperson for Electric Car Guide.
With over 20 years of writing experience, he has written for titles such as City AM, FE News and NerdWallet.com, covering various automotive and personal finance topics.
John’s market commentary has been covered by the likes of The Express, The Independent, Yahoo Finance and The Evening Standard.
