Used electric market in its infancy, but 2023 saw a definite growth spurt
Commenting on the 2023 used car transaction data, Auto Trader’s Commercial Director, Ian Plummer, said:
“Against an uncertain economic and political backdrop last year, the used car market again showed its resilience, with overall demand remaining exceptionally robust, reflected in the 110m additional visits to Auto Trader. There’s no doubt the months ahead will have their challenges, not least the ongoing squeeze in supply, but the used car market has started the new year with some real momentum behind it, with visits to our marketplace reaching an all-time high in January. With car buyer sentiment and confidence remaining positive, I fully expect 2024 to be another robust year for demand and transactions.
“The maturing used electric market may still be in its infancy, but last year saw a definite growth spurt. Significantly softened prices, greater availability and more choice has proven a compelling combination for car buyers; demand on our marketplace surged 50% on 2022, the share of enquiries almost doubled, and used EVs sold five days faster than any other fuel type. With many second-hand models now at price parity with their traditionally fuelled counterparts, along with lower running costs, the switch to electric has never been a more attractive prospect.
“The used EV market will play a vital role in driving mass adoption of electric cars, but the government must do more to encourage car buyers to switch; building battery confidence, providing fairer charging costs, and introducing more financial incentives, including removing VAT on new and used EVs, will be essential.”
