THE number of electric vehicles (EVs) on the used market has risen by 27% since 2017.
A study by cap hpi found used vehicle disposal data in the UK had risen to 30% compared with the first two months of 2018 to 2019.
The automotive data provider noted that despite a low starting base, EVs were proving to be the fastest growing sector of the new car market.
Q1 sales are up by more than 50% compared with 2018. The same trend can be seen in Europe: Q1 EV sales grew by +84.4% (source: ACEA).
Demand is also increasing in used markets in the UK, particularly for small EVs, with average used values up by 14% during the last 12 months.
cpa hpi said it was thanks to a combination of factors:
the rollout of clean air zones;
cheaper running costs;
increased charging points;
incentives to drive;
and wider availability.
Commenting on the increase Chris Plumb, electric vehicle expert at cap hpi said: “The past few years have seen a steady growth of the new electric cars being registered in the UK, 2018 saw an increase of 13.8% over 2017 according to the SMMT.
Renault Zoe values increase by over 50%
“This has resulted in more used EVs entering the market and satisfying the growing demand from the used consumer. Residual values are improving, with some models, such as the Renault Zoe, actually increasing in value in recent times.”
The Renault Zoe continued to perform strongly due to low volumes in the market, an 8% increase in April means that a one-year-old Zoe is worth almost 50% more than it was at the start of 2018 – a rise of around £5,000.
Plumb concluded: “New electric cars can still be expensive to either buy or run on a finance deal with the used car offering much better value for money.
“The choice of used EVs continues to grow, and most people will find a used EV that will suit their travel needs and hit the right price point.”