EVs take record share of used car market
In the bustling world of used cars, electric vehicles (EVs) are making their mark with a record-shattering performance. According to the Society of Motor Manufacturers and Traders (SMMT), over 80,000 pure battery electric cars changed hands between July and September this year. That means one in every 25 buyers is going electric. This upswing, representing a 4% market share compared to 2.8% the previous year, indicates a growing acceptance and enthusiasm for EVs among UK car buyers.
What’s Driving the EV Surge?
The shift towards EVs is a clear reflection of the public's increasing interest in sustainable motoring options and the advancement in EV technology. A bustling used car market, with over 2 million transactions recorded last quarter, is seeing more customers willing to dip their toes into the electrified world, likely driven by improvements in battery life and charging infrastructure.
For Manchester and Bury residents, this spike in EV adoption is especially relevant. With Greater Manchester's push towards cleaner air and fewer emissions, embracing an EV might not just be trendy but also practical. Plus, they come with potential savings on fuel and road tax!
Government Policies: A Roadblock or a Stepping Stone?
However, a recent government proposal could throw a spanner in the works. The plan to scrap Employee Car Ownership Schemes by making vehicles liable for company car tax might hinder the supply of EVs into the used market. SMMT’s chief executive, Mike Hawes, expressed concerns that this move could affect consumer choice and affordability – essential components for a robust used-car market.
For buyers keeping an eye on the latest models, this could mean fewer options and potentially higher prices if these schemes close. It's crucial to stay informed about such policy changes which could impact the cost and availability of not just EVs but vehicles across the board.
How This Affects Your Next Car Purchase
So, should you buy an EV now or hold off? If you're leaning toward going green, it might be wise not to wait. The current surge in EV popularity, combined with potential policy shifts, might make it beneficial to explore available options sooner rather than later.
Here at The Car Co, we've noticed an increasing interest in our range of electric and hybrid vehicles. Thanks to our flexible finance options, embracing this electrifying trend is more accessible than ever, with competitive rates starting from just 8.9% APR.
The Takeaway
EVs are becoming more popular and accessible, and The Car Co is ready to help you explore this exciting motoring trend. Whether you’re considering your first electric vehicle or looking at a budget-friendly option, our diverse selection and finance plans are designed to make your decision as smooth as possible. Thinking about switching to electric? Come speak to us about your options, and find out how you can be part of the electric revolution right here in Bury.