Comment: EV sales boost used car market

Commenting on the news that used electric sales rose to a record level in 2023 [1] Colin Walker, Head of Transport at the Energy & Climate Intelligence Unit (ECIU) said: “Over 80% of car sales take place on the second hand market – its where most of us can find vehicles at prices that we can afford. The rapid growth in the second hand EV market shows that, once the price of an EV comes down, people will snap them up. And it’s no surprise, people buying an EV will avoid the additional £700 ‘petrol premium’ that petrol car drivers have to pay to run their vehicles every year.[2]

“But the speed at which the second-hand EV market grows is dependent on the speed at which new EVs are sold. That’s where the Government’s Zero Emission Vehicle mandate policy steps in, helping to boost new electric car sales.

“They may not realise it but every driver buying an EV is also doing their bit for the UK’s energy independence. Afterall more EVs powered by electrons from British wind farms, rather than petrol from foreign powers, will do a lot more to secure the UK’s energy security than approving New North Sea oil licences – which will account for less than 1% of a tank of petrol.”

ENDS

Notes to editors:

1. SMMT: Used car market up as EV sales reach record levels: https://www.smmt.co.uk/2024/02/used-car-market-up-as-ev-sales-reach-record-levels/
2. ECIU: Petrol car drivers paid a £700 ‘petrol premium’ in 2023: https://eciu.net/media/press-releases/2023/new-analysis-petrol-car-drivers-paid-a-700-petrol-premium-in-2023

For more information or for interview requests:

George Smeeton, Head of Communications, ECIU, Tel: +44 (0)7894 571 153, email: george.smeeton@eciu.net