Comment on SMMT used car market figures

Responding to SMMT figures showing that the second hand EV market grew by 56% in the first quarter of 2023 [1], Colin Walker, Transport Analyst at the Energy and Climate Intelligence Unit (ECIU), said: “The vast majority of car sales in the UK are second hand. If all of the UK’s drivers are to make the transition to electric vehicles, then a healthy second-hand market is essential.

“Significant savings are available to those switching to EVs. A four year old electric Nissan Leaf would save over £800 a year in running costs compared to a four year old petrol Nissan Juke.

“The introduction of Government targets for EV sales, the ZEV mandate, will ultimately drive growth of the second-hand market meaning more families can benefit from cleaner, cheaper driving.”

A recent ECIU report, The UK's second-hand car market, showed that a slower roll-out of electric cars, resulting in a smaller pool of second-hand EVs, could see second-hand car buyers paying an extra £9bn in the coming years to run more expensive small to mid-sized petrol cars, as compared to their electric counterparts [2].

ENDS

Notes to editors:

1. SMMT: Used car market rallies as greater supply energises zero emission shift: https://www.smmt.co.uk/2023/05/used-car-market-rallies-as-greater-supply-energises-zero-emission-shift/
2. ECIU: The UK's second-hand car market: https://eciu.net/analysis/reports/2023/embargoed-27-feb-the-uks-second-hand-car-market

For more information:

George Smeeton, Head of Communications, ECIU, Tel: 07894 571 153, email: george.smeeton@eciu.net