Used battery electric vehicle sales ‘reach record high’

The proportion of used battery electric vehicle (BEV) sales reached a record new high at the start of May, according to the latest market report from Indicata UK.

Used BEV sales accounted for 6.34% of total retail used car sales up from 6.28% in early April, while BEVs as a percentage of total dealer retail stock remained at a record high of 7.5%.

The UK remains the only other country in Europe alongside Denmark where the balance of used BEV sales and stock are comparable with one another.

The result, says Indicata, is price stability, with the UK experiencing a used BEV price fall of just 0.7% in early May, only the second fall in the past nine months.

This compares with most European countries where price incentives are being adopted to boost BEV sales.

The only other fuel type trend worthy of note is that diesels accounted for just over one in four used car sales (27.1%) in early May, a rise of 0.2%, while the fuel type still accounts for over one in four used cars in dealer stock (27.9%).

In contrast diesel registrations account for just one in 20 of new car sales currently.

Dean Merritt, Indicata UK’s head of sales, said: “Every dealer, fleet or OEM that we talk to that uses our data is interested in how used BEVs are performing.

“At the moment is supply and demand are evenly matched which is helping keep prices stable which is good news for the entire industry.”

“Whether prices have finally found their level yet we are still not sure, but stability is giving asset owners greater peace of mind when setting reserve prices at auction,” he added.

Used car sales figures for quarter one of this year, from the Society of Motor Manufacturers and Traders (SMMT), revealed that petrol remained the best-selling fuel type, rising 2.1% to 1,149,855 units, while diesel experienced a 3.1% decline to 679,739 units, when compared to Q1 2024.

As a result, internal combustion engine (ICE) cars made up 90.5% of all used transactions in the quarter. However, their combined market share fell 2.4 percentage points on Q1 2024 as more buyers opted for electrified options.

Hybrids attracted record numbers of second and third owners, up 30.2% to 98,830 units, while 23,540 plug-in hybrids changed hands, up 14% on the same period last year.

Battery electric cars recorded the highest growth, increasing by 58.5% to 65,850 units and a record 3.3% share of all transactions.