2:21 pm, March 27, 2025
The number of used EVs entering the pre-owned vehicle parc is set to rocket by 170% in the next four years, underlining just how important it is for dealers to get switched on to electric vehicles.
That was the headline stat from research complied exclusively for Car Dealer Live by Cox Automotive.
In a special panel with Car Dealer’s James Batchelor, Philip Nothard, Cox Automotive’s insight and strategy director explained the white paper along with Lookers chief James Brearley.
Nothard told a packed conference room at the British Motor Museum: ‘We’ve tried projecting out the next four years to 2028 and we’re expecting 170% increase in used electric vehicles entering the used vehicle parc.
‘At the minute, you might think 1.4 million today, but that’s going to get up to close to four million used electric vehicles at the minimum by 2028 – that’ll make up a large proportion of the used vehicle park.
‘So, used electric vehicles are coming and coming at speed, so we’ve been looking at what dealers need to be thinking about.’
Writing in the research paper, which you can read here, Nothard said: ‘The used vehicle market has a crucial role to play in our electric future.
‘Offering a more accessible price point to consumers who have been feeling the squeezing of rising inflation rates for the past several years, in addition to supporting the sustainability of a new EV circular economy.
‘However, dealers’ greatest challenge today is adapting to this new reality. Buying and selling these vehicles is an entirely different game to their internal combustion engine (ICE) counterparts.’
Cox highlighted four key insights that underline the growing potential for dealers to source desirable, well-priced EVs to stock on their forecourts.
Firstly, EV prices are stabilising, secondly, EV whole performance is on par with ICE, thirdly, some EVs are outperforming their ICE counterparts, and lastly, EV owners are pleased with the way EVs drive.
You can read in details the insights here.
Brearley told the delegates: ‘Research shows that 50% of people would consider an electric car as their next purchase, but why aren’t people rushing out and buying loads and loads of EVs right now? It’s obvious – they’re too expensive and there are issues with the charging infrastructure.
‘But, as car dealer, you can’t stick your head in the sand and think there’s not going to be load of EVs in the marketplace. They’re going to represent far better value for money than a new one.
‘Whatever you think right now, used EVs represent a huge opportunity over the next 12 to 18 months.’
The white paper also included special research carried out by Cox Automotive, the DVSA and the SMMT for Car Dealer Live. In it, by analysing communion MOT failures, Cox highlighted the areas where EVs wear at a different rate to petrol and diesel vehicles.
You can read what that research revealed by clicking here for the full white paper, which also gives tips for dealers to get on board with used EVs.
You can read all the headlines from Car Dealer Live here.
