Demand for used battery electric vehicles (BEVs) soared during the third quarter on the back of increased supplies and lower prices.

Used BEV volumes rose by 99.9% to 34,021 units in Q3

Volumes rose by 99.9% to 34,021 units, according to the new figures from the Society of Motor Manufacturers and Traders (SMMT). The boost means BEVs now account for 1.8% of the used market, up from 1.0% last year.

Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) also grew, up 34.6%, and 46.4% respectively. This outpaced the volumes for petrol and diesel cars, which grew by 4.0% to 1,065,448 and 2.3% to 704,204 units respectively.

The demand for used EVs also outstripped the rise in the overall used car market, which grew 5.5% in Q3 2023, with almost 1.9 million units changing hands. Volumes rose for every month of the quarter, with the strongest gain in September, up 6.3%, which helped the market deliver the best Q3 performance since 2021. Year to date, the overall market is up 4.6% to 5,563,576 units, but uptake is still 9.3% off pre-pandemic levels.

The SMMT has said the ongoing investment in the charging infrastructure remains key to continued used EV demand.

Mike Hawes, chief executive of the industry body, commented: “The used car market continues to grow strongly, with re-energised supply unlocking demand for pre-owned electric vehicles – the result being twice as many motorists switching to zero-emission motoring in the quarter. Maintaining this momentum requires growth in the new car market, to boost supply to the used sector and cement this success. Equally important is the urgent need for charging infrastructure rollout so that all drivers can have confidence in being able to charge whenever and wherever they need.”

Matas Buzelis, car expert at carVertical, said the data showed growing used buyer confidence in EVs: “Sales of used EVs have doubled as drivers increasingly opt for greener vehicles which will future-proof them for the introduction of more clean air zones around the country.

“This bodes well for the future, as it suggests drivers have fewer concerns about battery life and EVs depreciating in value, and are increasingly willing to buy an electric car second hand.”

However, KPMG highlighted how falling prices for used EVs have helped drive demand.

Richard Peberdy, UK head of automotive for KPMG, said: “Used electric vehicle prices have seen volatility for some months now, due to a normalisation of pricing as supply grows within a market that’s still in its infancy.

“This lowering of used EV prices is leading to increased choice and cost viability for consumers looking to make the transition to an EV. Quarter on quarter, this is helping to drive up EV market share as a percentage of the overall used car market.”