BCA (British Car Auctions) is reporting increasing electric vehicle sales, with a record week in July as professional buyer demand continues to climb.
The first week in July saw nearly 700 EVs sold, with BCA on track to record sales in excess of 30,000 units over the next 12 months. Good demand is leading to greater pricing stability in this sector, with trade buyers recognising that many EVs now appear to be good value in comparison to their ICE equivalent.
The volumes of EVs reaching the remarketing sector is roughly doubling each year and is expected to increase due to net zero objectives and ZEV mandate targets for manufacturers.
A healthy used EV market is an integral element if the entire transition is to succeed. The current challenges will be explored alongside forecasts for next year as part of the next event in the BVRLA’s Fleets in Charge programme: Happy EV After? Unleashing the potential of Used BEVs.
cap hpi’s recent used car values analysis shows some improvement in the rate of decline in BEV values, with one per cent movement for July being the strongest month for BEVs so far this year. At the three-year benchmark, 10% experienced an increase in value, 20% remained at the same level, while 70% fell in value.
According to data from New AutoMotive’s Global Electric Vehicle Tracker (GEVT), the global EV sales picture shows the best ever Q2 on record, with sales up nearly a fifth (19%) on the first quarter of 2024.
Despite policy setbacks, both Germany and the UK reported their highest EV market share since December 2023, with total EV sales in June reaching 15% and 19% of the market respectively.
This figure puts the UK well on track to match International Energy Agency (IEA) forecasts. It predicted the country’s combined EV and plug-in hybrid market share to reach 25% by the end of 2024.
The BVRLA’s 2024 Road to Zero Report provides a detailed perspective on the used BEV market.
