Drivers face lack of affordable used electric cars – study

Electric car purchase incentives

Motorists face a lack of affordable used electric cars, according to a report.

Auto Trader said just 10,000 of the used electric options on its UK-wide online vehicle marketplace cost under £15,000.

That is compared with 350,000 used petrol or diesel cars in the same price bracket.

Financial help from the Government in the used electric market is vitally needed

Ian Plummer, Auto Trader

But the study also found that three out of four new electric vehicles (EVs) are being advertised with a discount.

It attributed this to manufacturers striving to meet the Government’s zero emission vehicle (ZEV) mandate.

Auto Trader commercial director Ian Plummer said a “fair and equitable” transition to electric motoring will require EVs to be available “in a variety of budgets”.

He went on: “We need to make more progress on affordability to encourage retail demand, especially as exemptions from both vehicle excise duty and the expensive car supplement end for EVs next year.

“As we head towards a General Election, financial help from the Government in the used electric market is vitally needed to ensure a fair and equitable transition.”

Society of Motor Manufacturers and Traders figures show the number of new pure electric cars bought in the UK in the first four months of this year was 10.6% up on the same period in 2023.

But the market share of the vehicles has fallen from 15.7% to 15.4%.

The increase in sales is being driven by the fleet and business sectors which benefit from financial incentives, with demand from private buyers stalling.

Under the ZEV mandate, at least 22% of new cars and 10% of new vans sold by each manufacturer in the UK in 2024 is required to be zero emission, which in most cases means pure electric.

The threshold will rise annually until it reaches 100% by 2035, when the sale of new petrol and diesel cars and vans will be banned in the UK.

Manufacturers risk being fined £15,000 per polluting vehicle sold above the limit, but ministers do not expect any financial penalties to be issued this year as businesses can utilise various flexibilities such as purchasing credits from rivals.

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