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Used EVs reach 'tipping point of acceptance', SVA claims

By BusinessCar magazine | 9 August 2019

Growing prices and demand for used electric vehicles (EVs) suggests the UK market has reached a tipping point of acceptance, according to Shoreham Vehicle Auctions (SVA). 

It says this is based on greater dealer and customer knowledge of the benefits of electric motoring. 

According to SVA, better educated dealers are now changing customer mindsets from one based on buying a car for their two-week holiday abroad in the summer, to one that is based on their total mobility needs. 

Rental companies are also said to have helped by providing flexible renting.

SVA managing director Alex Wright said: "EVs need a used market that is alive and prospering. That's why we have seen greater acceptance during 2018 and into 2019 which has boosted residuals.

"Companies have worked hard on education, including the SVA team's training courses run in partnership with the Energy Saving Trust.

"Leasing companies and finance companies can now underwrite EVs confident of a vehicle's value in three-to-four years' time which makes monthly rentals more competitive for companies and drivers alike.

"The next step is for the charging infrastructure to respond to market needs and provide a more reliable joined-up network of chargers across the country." 

SVA offers the Nissan Leaf as an example of how the market has changed. It says in 2017 a 2015-plate Leaf 6.6kW Acenta with 20,000 miles on the clock booked at GBP8,850, while in 2019 a 2017-plate Leaf in the same spec with the same mileage is booking at GBP11,000, a rise of GBP2,150. 

Wright added: "The used market for EVs has more than quadrupled in size since 2016 from 6,000 to 25,000 in 2018. 

"It's exciting to be in the used market at this time and we look forward to continue to support dealers in keeping pace with understanding new technologies and how to sell used EVs."