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Demand For Used Electric Cars Is Rising According to the SMMT

Date Posted: 08 November 2024

Why the Demand for Used Electric Cars is Growing

In recent months, the demand for used electric vehicles (EVs) has surged, driven by multiple factors that make EV ownership more appealing and accessible than ever.

A key factor is the increased availability of both new and nearly new EVs, giving car buyers more choices than ever before. As the new EV market expands, owners are parting with their vehicles sooner, increasing the selection in the used car market. The introduction of the Zero Emission Vehicle (ZEV) Mandate has further accelerated this trend.

In addition to this, the cost of used EVs has been falling, making them a more affordable choice for everyday drivers. With EV ownership offering a range of appealing benefits such as:

  • Fuel and tax savings
  • Lower running and maintenance costs
  • Affordable charging options, especially when compared to fuel prices
  • Exemptions from congestion charges and discounts on parking in many areas

“Growth in the used car sector is good news and driven by an outstanding range of desirable and, increasingly, zero-emission vehicles to suit every budget. Maintaining this depends on a healthy new car market, particularly for EVs. Giving consumers the confidence to switch from their familiar petrol or diesel vehicles requires confidence and incentives otherwise many would-be new car buyers will sit on their hands, leading to a diminishing market that will inevitably limit used car availability and affordability. This will be to the cost of motorists, the economy and the environment – making a review of support for the transition and the regulation intended to deliver it, an urgent priority.”

SMMT’s Chief Executive, Mike Hawes,

For businesses, EVs bring additional financial advantages, including lower Benefit-in-Kind (BIK) rates and government grants that support expanding EV fleets.

With these financial and environmental benefits, the popularity of used electric cars is only expected to rise, and at Startin Group, we’re ready to support customers on their journey to sustainable driving. Whether you're considering a used EV for the first time or expanding your electric fleet, we offer a wide selection and the expertise to help you make the best choice.

We also offer an exceptional valuation and Cash for your car, we on average offer rates of 10% higher than our competitors as we car for fair pricing. We can even sit down and provide consultation to find the perfect trade in vehicle for you! 

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Finance Disclosure

Startin Group Ltd and Thomas Startin Junr Ltd are Appointed Representatives of Automotive Compliance Ltd, who is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd's permissions as a Principal Firm allows Startin Group Ltd, Thomas Startin Junr Ltd to act as a credit broker, not as a lender, for the introduction to a limited number of lenders and to act as an agent on behalf of the insurer for insurance distribution activities only.

We can introduce you to a selected panel of lenders, which includes manufacturer lenders linked directly to the franchises that we represent. An introduction to a lender does not amount to independent financial advice and we act as their agent for this introduction. Our approach is to introduce you first to the manufacturer lender linked directly to the particular franchise you are purchasing your vehicle from, who are usually able to offer the best available package for you, taking into account both interest rates and other contributions. If they are unable to make you an offer of finance, we then seek to introduce you to whichever of the other lenders on our panel is able to make the next best offer of finance for you. Our aim is to secure the best deal you are eligible for from our panel of lenders. Lenders may pay a fixed commission to us for introducing you to them, calculated by reference to the vehicle model or amount you borrow. Different lenders may pay different commissions for such introductions, and manufacturer lenders linked directly to the franchises that we represent may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement, all of which are set by the lender concerned. If you ask us what the amount of commission is, we will tell you in good time before the Finance agreement is executed. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over. Guarantees may be required

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Thomas Startin Junr Ltd- Company Number 00300464. Startin Group Ltd- Company Number 00543964. FCA No. 521602. Registered in England & Wales. Registered Office: Address: Far Moor Lane Coventry Highway, Redditch, Worcestershire, B98 0SD.   Data Protection No: Z4981084, ZA013456