The Society of Motor Manufacturers and Traders (SMMT) has recently reported that the market for used electric vehicles (EVs) experienced the fastest growth in Q1 during market recovery. This is a significant development for the EV industry, as it indicates that consumers are becoming more interested in purchasing used EVs, which could help to increase the adoption of electric vehicles and reduce carbon emissions.
According to the SMMT report, the used car market grew by 8.9% in Q1 2021, with a total of 1,687,755 used cars sold. Of these, 8,682 were pure electric vehicles, which represents a growth of 16.1% compared to the same period in 2020. This growth is particularly impressive given that the overall new car market declined by 12.9% in Q1 2021 due to the ongoing COVID-19 pandemic.
One of the main reasons for the growth in the used EV market is the increasing availability of affordable second-hand electric vehicles. As more people trade in their old petrol or diesel cars for newer EVs, there is a growing supply of used electric vehicles on the market. This has helped to bring down the cost of used EVs, making them more accessible to a wider range of consumers.
Another factor driving the growth of the used EV market is the increasing awareness of the environmental benefits of electric vehicles. As more people become concerned about climate change and air pollution, they are looking for ways to reduce their carbon footprint. Electric vehicles offer a cleaner and more sustainable alternative to traditional petrol and diesel cars, and this is becoming an increasingly important consideration for many consumers.
The SMMT report also highlights the importance of government incentives in driving the adoption of electric vehicles. In particular, the UK government’s Plug-in Car Grant has helped to make new and used EVs more affordable for consumers. The grant provides up to £2,500 towards the cost of a new electric car, and this has helped to boost sales of new and used EVs.
Overall, the growth of the used EV market is a positive development for the electric vehicle industry. It indicates that consumers are becoming more interested in electric vehicles, and that there is a growing supply of affordable second-hand EVs available. This could help to increase the adoption of electric vehicles and reduce carbon emissions, which is essential for tackling climate change and improving air quality.
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- Source: Plato Data Intelligence: PlatoData