Used-electric vehicle sales reach record market share

Sales of used electric vehicles in the first quarter of the year have risen by more than two thirds (71.0%) to 41,505 – achieving a new record market share of 2.1%, according to the SMMT. This makes BEVs the fastest growing powertrain.

Hybrids (HEVs) also continued to sell in greater volumes, with 74,502 changing hands in a 49.3% rise. Plug-in hybrids (PHEVs), too, grew in popularity, with sales up 42.5% to 22,065.

Conventional powertrains remained dominant in the quarter, with sales of petrol cars rising 7.7% to 1,130,396, while those of diesels fell by -1.3% to 697,718. Combined, these cars accounted for 92.9% of all transactions (1,828,114 units) with market share shrinking by just over two percentage points on Q1 2023 as more buyers move to electrified vehicles.

Overvall, the UK used car market grew 6.5% to almost 2 million units in Q1 2024 – the fifth quarter of successive growth.

Mike Hawes, SMMT Chief Executive, said: "A reinvigorated new car market is delivering more choice and affordability for used car buyers and, increasingly, they are choosing to go electric. To enable even more drivers to enjoy the benefits of zero emission motoring, ensuring both supply and demand remains robust is essential. Incentivising new EV uptake and investing in a chargepoint network that is accessible, available and affordable to all will drive the nation’s net zero transition."