Demand for used EVs has risen to record levels amid continued growth for the UK’s used car market.

Pre-loved EVs boasted record demand, rising 57.4% to 188,382 units and taking 2.5% of the market

Used car transactions grew 5.5% in 2024, hitting a 25-month growth streak, with 7,643,180 vehicles changing hands last year. Transactions rose in every month in 2024, as they did in 2023, with Q4 up 4.0% to 1,746,051 units, according to the new data from the Society of Motor Manufacturers and Traders (SMMT).

But the used battery electric car (BEV) sector far outperformed this, rising 57.4% to a record 188,382 units and hitting a new high for market share, at 2.5%. That’s up from 1.7% in 2023 and 13 times larger than back in 2019. The BEV share in Q4 was 2.7%, matching Q3’s performance and showing the growth trend.

Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) also grew, up 32.2% to 92,120 units and 39.3% to 306,114 units respectively.

Combined, the number of used electrified vehicles changing hands was up by 43.3% on 2023, soaring to more than half a million of ultra-low or zero-emission motors and accounting for a 7.7% share of sales.

This growth aligns with the new car market and demonstrates the increasing appetite for EVs amid falling prices and growing choice at price points to suit all potential buyers.

The rise in used EV demand follows a prolonged downturn that has seen used EV prices fall 60% since 2022; a recent report from the BVRLA issued a “storm warning” for electric vehicle RVs.

The SMMT said the latest BEV growth cannot continue to be taken for granted, however, especially given that from April, many BEVs registered in the new car market will be subject to vehicle excise duty and the Expensive Car Supplement (ECS) – drastically increasing ownership costs during the first six years of a vehicle’s use and therefore likely to impact on the used market.

The trade body has called again for BEVs to be exempted from the ECS – or, at the very least, for the eligibility threshold, which has remained unchanged since 2017, to be raised, as also recommended by Alphabet. This would therefore remove a substantial disincentive for both new and used buyers.

Petrol- and diesel-powered cars accounted for 92.1% of all used car transactions – down slightly from 94.3% last year. Petrol remained dominant, up 6.8% to represent 57.1% of the market, while diesel transactions dropped by 2.4%, accounting for 35.0% of all transactions.

Mike Hawes, SMMT chief executive, said: “Record sales of second-hand EVs demonstrates strong appetite for these cutting-edge cars at lower price points. Ensuring ongoing growth, however, means maintaining that affordability, along with supply, which requires meaningful fiscal incentives to stimulate consumer demand for new EVs and removing the VED expensive car tax disincentive that risks dragging down used EV affordability for years to come.”

Despite the EV growth, petrol- and diesel-powered cars remained dominant

And Chris Knight, VP automotive at NTT DATA UK&I, said: “New EV sales growth is slowing, which will filter down to the used market.

“The upcoming changes to vehicle excise duty to include EVs, with an additional expensive car tax for models over £40,000 will undoubtably slow uptake even further.

“UK EV sales overall are far below government targets, and we lag other markets with stronger incentives in place for EV drivers. The Government need to do more to encourage people to switch.”

Other key takeaways from the 2024 used car market figures:

• The top three popular body types remained the same for another year, with superminis taking the top spot, accounting for one in three (32.3%) of all used cars sold in 2024. Lower-medium held second place, with a 27.1% share of the market, and dual-purpose vehicles rounded off the podium, making up 15.9% of sales. At the other end of the spectrum, luxury saloons represented just 0.5% of the market.
• While grey remained most popular in the new car market, black cars were favoured among used car buyers, with more than 1.6 million (21.3%) opting for the colour. Grey was second, with a 17.6% share and blue third, taking 16.2% of sales. Combined, the top three hues accounted for more than half (55.1%) of all cars sold.
• The Ford Fiesta, which stopped production in July 2023, was the most popular used car in 2024, with 306,207 units, followed by the Vauxhall Corsa (252,761) and Volkswagen Golf (231,440).