The market for used electric vehicles (EVs) is rapidly increasing. Indeed, so far in 2022, transactions including used battery EVs have more than doubled: 6,625 to 14,586, a rise of 120.2 per cent. But why is this happening? Below, we explore the growing demand for used EVs and what might be behind this surge.

Out with the new – in with the old

On top of the success enjoyed by used battery EVs, used plug-in hybrids and hybrids both increased in demand too – 35.3 per cent to 14,433, and 28.8 per cent to 35,007 units respectively. This was partly due to the new car market being limited by global supply shortages in key parts. Rather than waiting for a new car, consumers are looking to buy used cars. Additionally, EVs seem even more attractive given the current cost-of-living crisis. Fuel prices have hit record highs in 2022, encouraging many consumers to move away from fuel, towards electric travel instead. While EVs often cost more initially to purchase, over the long term they can be cheaper and more efficient to run than vehicles with a combustion engine.

Making the switch

Making the switch to an EV requires careful consideration. There are plenty of obvious benefits from lower running costs to a drastically reduced impact on the environment. But they also cost more to buy from the start. However, this could all change in the coming years. Financial forecasts suggest that electric cars should cost the same to make as petrol and diesel equivalents by 2024 and could cost even less to make soon after. And with more and more charging points becoming available in the UK, you should find an EV is simple to run and charge in this time too. It can be daunting to move to an EV after driving a petrol car throughout your adult life, but soon the benefits will be hard to ignore.

The future

Technological advancements are set to make EVs even more attractive in the future. For a start, advancements in batteries should make EVs cheaper while affording them greater range too. This will allow you to drive further before you have to recharge. What’s more, as additional EVs enter the market in the UK, you’ll find that more and more become available second-hand. This will make it easier to access an EV if a new vehicle is too expensive.

Demand for EVs is skyrocketing in the UK. And for good reason: they’re better for the environment and are cheaper to run. In the coming years, they’re set to become cheaper and more accessible too, making them a viable option when you purchase your next car.