The demand for used EVs has grown over the summer as they continued to sell faster than the wider market by an average of 27 days.
Data from Autotrader shows the price three to five-year-old electric models has risen 9.4% year-on-year to average £20,351. Despite the price increases, the same cohort are selling in just 26 days on average.
However, many industry leaders warn there is more to do before the market can support the next phase of the transition in a sustainable way.
Toby Poston, Chief Executive of the British Vehicle Rental Leasing Association, said: “The signs of consumer demand for used electric cars are encouraging but the used EV market is still finding its feet after years of pricing pressure. Consumer confidence is building but remains fragile.
“Balanced policy, supporting drivers considering their next electric car, whether new or used, is what long-term success of the transition relies on.”
The statistics from this summer could lead to a major milestone for the UK’s transition towards electric driving.
Regardless of rising costs, the trends suggest used EVs are becoming a mainstream choice for motorists, with rising demand increasingly driven by value and running costs rather than early adopter enthusiasm.
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