‘Used’ will drive the next phase of EV uptake

The narrative around electric vehicles (EVs) has been stuck for years. It goes like this: great for the planet, sure, but too expensive for the average driver. 

Despite significant growth - the number of electric cars on UK roads now exceeds 1.7 million and makes up more than 20% of new registrations - the pace of transition is not inevitable. Traditional manufacturers are struggling to hit new sales mandates, and sticky myths around range and public charging persist.

The real engine that is about to smash through these barriers is not the next flashy launch event, but the dramatic, quiet collapse of used EV prices. The affordable approved used market is the true, and often overlooked, catalyst for mass adoption.

The biggest hurdle to going electric has always been the initial purchase price. Now, the very market dynamic that was once a risk for new EV buyers, rapid depreciation, is the greatest gift to the mass market.

• The influx: A surge of high-quality EVs are now coming off three-to-four-year fleet and salary sacrifice leases. This glut of supply is hitting the second-hand market, forcing prices down. Used EV sales grew by almost a third in just 12 months, to over 136,000 in the first half of this year. 
• Price parity achieved: Data shows that a three-to-four-year-old used EV is now, on average, cheaper than its equivalent petrol or diesel car. At the three-year mark, some used EVs are valued up to 8.5% lower than their ICE counterparts, a gap that widens further after four years to 14%.
• The undeniable 'Total Cost of Ownership' (TCO): This lower upfront cost is the final piece of the affordability puzzle. When combined with the running costs (e.g. charging, insuring, servicing, taxing) the TCO argument versus petrol is undeniable. Put up against a petrol equivalent, a used EVs will save a driver on average £3,440 over five years across all buying and leasing scenarios. Not just price parity, but thousands of pounds saved.

The approved used EV is fundamentally a better product than the legacy "second-hand" car. The perception that a used EV is an old, slow liability is a myth that must be actively dismantled.

• Mechanical simplicity is reliability: Electric motors are mechanically simpler than a complex internal combustion engine (ICE). They have fewer moving parts, which inherently translates to less complex maintenance and a lower risk of expensive breakdowns. Maintenance costs for an EV can be half that of an equivalent petrol car over a typical ownership period.
• The wireless upgrade: Unlike a traditional car, the technology in a three-year-old EV isn't three years out of date. Most modern EVs benefit from over-the-air software updates that continuously improve performance, efficiency, and features, keeping an older car feeling modern and safe.
• Battery assurance: Concerns over battery life are largely outdated. Since 2023 manufacturers have been legally mandated to provide an 8-year / 100,000-mile warranty on their batteries, (whichever comes first), which is automatically passed on to the used-car buyer.

This dramatic shift is more than just a car sale; it's a systemic reset. The affordable used EV is the gateway to a less costly, more resilient energy future for millions of households.

By making the jump accessible, we are enabling mass participation in a future where the car is no longer just a consumer of fuel, but an integral part of a smarter energy system. The vast majority of people can now afford to use their EV to draw power when it's cleanest and cheapest, fundamentally linking transport and domestic energy consumption for a more robust, greener grid.

To learn more about the approved used EV market and other EV related news and views, head to our EV Hub.