Alastair Campbell, Marketcheck UK, reacts to the Budget:”With tax-efficient incentives in company car schemes now extended and increased Vehicle Excise Duty rates on fossil-fuel vehicles, these measures should accelerate EV adoption across the sector.
Marketcheck UK data highlights the transformative growth of used EV sales: in September 2024, 14,839 used EVs were sold across the UK, marking a significant rise from 8,248 in the same period last year. This momentum is forecast to continue, particularly as more EVs come off lease and flow into the used market at competitive prices, making EV ownership increasingly accessible to UK businesses and employees.
Marketcheck UK’s analysis shows the value of all used EVs on the market surpassed £1 billion over the summer, reflecting both volume and consumer confidence. Today, EVs make up 7% of the used car market, and Marketcheck UK forecasts this share will approach 10% in the coming months. With sustained government incentives in place, the used EV market is now on a faster trajectory towards a 50% market share, exceeding earlier industry projections. Despite the encouraging developments for businesses, Marketcheck UK notes a lack of direct consumer incentives in the Budget. While businesses and employees benefit from salary sacrifice schemes, consumers still face limited incentives, which may delay broader private adoption of EVs.
Overall, this Budget is set to quicken the pace of change within the used car market, with EVs set for a market share of 10% in a matter of weeks.”
ENDS
Notes to Editor
EV report:
| Month | Volume of all Electric EVs | Volume of Sold Electric EVs | Avg Price – Stock (GBP) |
|---|---|---|---|
| May 2023 | 22,473 | 7,073 | 29,105 |
| June 2023 | 22,190 | 7,516 | 29,006 |
| July 2023 | 21,995 | 7,512 | 29,001 |
| August 2023 | 22,064 | 8,458 | 29,111 |
| September 2023 | 21,971 | 8,248 | 29,239 |
| October 2023 | 23,165 | 7,396 | 29,199 |
| November 2023 | 25,238 | 7,514 | 28,741 |
| December 2023 | 26,931 | 6,792 | 28,765 |
| January 2024 | 31,297 | 10,135 | 27,864 |
| February 2024 | 32,463 | 10,343 | 27,463 |
| March 2024 | 34,791 | 11,683 | 27,919 |
| April 2024 | 35,923 | 11,225 | 28,357 |
| May 2024 | 37,334 | 12,889 | 27,634 |
| June 2024 | 37,000 | 13,421 | 27,306 |
| July 2024 | 37,903 | 13,939 | 27,044 |
| August 2024 | 36,789 | 15,082 | 26,865 |
| September 2024 | 35,666 | 14,839 | 26,626 |
About Marketcheck UK:
We are the best source of UK automotive data. We collate, enhance and manage more data on the UK used car sector than any other provider.
For any automotive businesses we bring unprecedented access to live data to power apps, populate reports and get insight into the UK used car market.
We track over 650,000 cars and 11500 dealers across 16k locations daily and match the data against the DVLA, SMMT and other data sources for normalisation and accuracy.
Contact:
Alistair Harrison
07498 217705
[email protected]