Matthew BeedhamEditor, SHIFT by TNW
Matthew is the editor of SHIFT. He likes electric cars, and other things with wheels, wings, or hulls. Matthew is the editor of SHIFT. He likes electric cars, and other things with wheels, wings, or hulls.
If you’ve been wanting to get into the electric vehicle game but have been dissuaded by the steep upfront costs, it looks like your wait is over — if you live in the UK at least.
According to research conducted by Glass’s, an automotive analysis group, the UK’s secondhand EV market is booming, Motoring Research reports. Prices are good too.
Glass’s has tracked the used EV market and says there are now 7,500 second-hand battery-powered vehicles for sale in the nation. 15 months ago, that figure was just 1,500.
To save you the math, that’s an increase of 130%.
The sharp uptick in used EVs coming to market over the past year or so marks an inflection point of sorts.
It suggests that the EV market has passed the innovator stage, is well into early adopter phase, and could be edging into the early majority. It’s a trend that we should see replicated around the world as EV markets mature.
As early adopters are now moving on from their first or second EVs, the secondhand market is getting a useful boost of supply.
For secondhand buyers, the upside is that EVs are now becoming very affordable. Sure, they might not be brand spanking new, but the sweet-spot for a used EV is allegedly around £5,995 ($8,300).
The time to buy a secondhand EV has come. The market will only improve as more vehicles come up for sale, giving used buyers even more choice.
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