The volume of used electric vehicles (EVs) available in the UK has risen by 27% since 2017 as growing demand drives a 14% increase in values in just 12 months, according to Cap HPI.
A study by the automotive data experts examined used vehicle disposal data across the UK and found that the increase in volumes rises to 30% when comparing the first two months of 2018 to 2019.
Cap HPI said that EVs are the fastest-growing sector of the new car market with Q1 sales up over 50% compared to 2018, highlighting a cklear opportunity for used car reatilers in certain parts of the country.
Growing consumer demand driven by the roll-out of clean air zones, cheaper running costs, increased charging points, incentives to drive and wider availability from manufacturers have also boosted average used values up by 14% over the last 12 months.
Chris Plumb, electric vehicle expert at Cap HPI, said: “The past few years have seen a steady growth of the new electric cars being registered in the UK, 2018 saw an increase of 13.8% over 2017 according to the SMMT.
“This has resulted in more used EV’s entering the market and satisfying the growing demand from the used consumer.
“Residual values are improving, with some models, such as the Renault Zoe, actually increasing in value in recent times.”
According to Cap HPI, the Renault Zoe continues to perform strongly due to low volumes in the market.
An 8% increase in April means that a one-year-old Zoe is worth almost 50% more than it was at the start of 2018 – a rise of around £5,000.
Plumb said: “New electric cars can still be expensive to either buy or run on a finance deal with the used car offering much better value for money.
“The choice of used EV’s continues to grow, and most people will find a used EV that will suit their travel needs and hit the right price point.”
The SMMT today (May 7) called for Government to put policies in place to help capitalise on consumer demand for electric vehicles (EVs) after registrations of new alternative fuel vehicles (AFV) grew by 12.7%, despite a decline in sales of zero emission-capable plug-in hybrids fall by more than a third (34.4%), during April.
Battery electric cars recorded a strong uplift, from 929 to 1,517 units, but still only represent 0.9% of the market.
SMMT chief executive, Mike Hawes, said: “While it’s great to see buyers respond to the growing range of pure electric cars on offer, they still only represent a tiny fraction of the market and are just one of a number of technologies that will help us on the road to zero.”