The UK’s used electric vehicle (EV) market is experiencing unprecedented growth as more drivers seek cost-effective alternatives to petrol and diesel cars. Recent data from the Society of Motor Manufacturers and Traders (SMMT) reveals that 188,000 used EVs changed hands in 2024, marking a significant increase from the previous year and accounting for 2.5% of total used car sales. This surge reflects a growing shift in consumer preferences amid rising fuel costs and evolving automotive policies.
The overall used car market in the UK remained robust in 2024, with total sales reaching 7.6 million vehicles—an increase from 7.2 million in 2023. While petrol and diesel cars continued to dominate, comprising 92.1% of total used vehicle sales, their market share declined from 94.3% the previous year. The steady increase in used EV sales indicates that more consumers are exploring sustainable alternatives without the financial burden of purchasing a brand-new electric vehicle.
Among the most popular used car models, the Ford Fiesta retained its top spot with 306,000 transactions. The Vauxhall Corsa came in second with 253,000 units sold, while the Volkswagen Golf took third place with 231,000 sales.
Despite the rising demand for EVs, industry leaders have expressed concerns about upcoming policy changes. Starting April 1, EVs will lose their exemption from Vehicle Excise Duty (VED), significantly increasing ownership costs. This shift could impact the affordability of used EVs, making potential buyers hesitant to switch. The SMMT has warned that the growing demand for electric cars “cannot continue to be taken for granted” if government policies make ownership more expensive.
Economic uncertainty, elections, and policy changes have played a crucial role in consumer decision-making. Price-conscious buyers are turning to the used car market as a more affordable option, with many seeking EVs as a cost-effective alternative to rising fuel prices. James Wilson, Chief Operating Officer of Motorway.co.uk, noted that “price-conscious consumers turned to the used car market for more affordable motoring options.”
While the used EV market flourished, new car registrations in the UK declined by 2.5% in January 2025. Both fleet and private buyer registrations saw drops of 3.7% and 0.5%, respectively. However, EV sales bucked this trend, with battery electric vehicle registrations increasing by 41.6% year-on-year, capturing 21.3% of the market. Hybrid and plug-in hybrid vehicles also gained market share, highlighting the continued shift toward electrification.
The expansion of public charging infrastructure is further encouraging EV adoption. With more charging stations available, drivers are gaining confidence in the reliability of electric vehicles, reducing concerns about range anxiety.
The UK’s used EV market is on a strong upward trajectory, driven by affordability, consumer interest, and growing charging infrastructure. However, policy changes and economic conditions could impact long-term growth. While the transition to electric mobility continues, government support remains critical in ensuring a sustainable and accessible EV market.
The statistics coming from the UK suggest that other markets in which entities like Lucid Motors (NASDAQ: LCID) operate will also witness their own surge in the sales of new and used EVs. Manufacturers should therefore be encouraged and know that a time is coming when their vehicles will see rising sales numbers.
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