Used ELECTRIC car sales up 57.4% in 2024 – but accounting for just 2.5% of total used car sales

Used car sales in the UK grew by 5.7% in 2024 to 7,643,180 vehicles, with sales of use Electric Cars rising by 57.4%.

We know UK car production and new car sales are struggling due to nonsensical mandates on EV production and sales, high interest rates and a general feeling of malaise in the economy.

But as the new car market – particularly for private buyers (down by 8.7% in 2024) – continues to struggle, the used car market is doing well as buyers snap up cars that have already lost a chunk of money to get greater value and avoid the ever-increasing cost of new metal.

We’ve now seen two years of growth in the used car market as 2024’s numbers show an increase of 5.5% to a total of £7,643,180 vehicles, with the top-selling cars the Ford Fiesta, Vauxhall Corsa and VW Golf, and more than half of buyers opting for a paint job in Black, Grey or Blue.

Sales of electric cars soared in the used market in 2024 to 188,382 as buyers snapped up massively depreciated EVs, but despite that big jump EV sales accounted for just 2.5% of the market, a market dominated by ICE cars with sales of 7,041,734 (92.1% of the market), with Hybrid sales at 306,114 and PHEVs at 92,120.

Mike Hawes, SMMT CEO, said:

The used car sector’s 25-month growth streak is good news for fleet renewal and for consumers benefitting from the greater choice filtering through from the new market. Record sales of second hand EVs also demonstrates strong appetite for these cutting-edge cars at lower price points. Ensuring ongoing growth, however, means maintaining that affordability, along with supply, which requires meaningful fiscal incentives to stimulate consumer demand for new EVs and removing the VED expensive car tax disincentive that risks dragging down used EV affordability for years to come.