Commercial function from Black Horse
Regardless of UK new automotive gross sales hitting a 30-year low in 2022, the used automotive market is gaining increasingly more momentum. On the finish of 2023 alone, it grew 5.5% with nearly 1.9 million items altering arms. And electrical autos (EVs) are enjoying a serious position, with gross sales hovering by 99.9% in Q3 of 2023, with a report 1.8% market share.
With increasingly more individuals turning to electrical, and the federal government setting bold goals for all new vehicles to be zero emission by 2035, it’s vital sellers know the newest info to information their clients via the transition.
Used vehicles are on the up
The expansion of the used automotive market is a development we’ve observed at Black Horse too. In December 2023, 6.1% of our used automotive enterprise centered on EVs. All through 2023 this enhance was evident month-on-month, rising fourfold by the top of the yr. This means a sturdy surge in provide as the brand new automotive market recovers.1
PHEV and HEV markets additionally experiencing development
Not solely did battery electrical autos enhance their share market share of the used autos market in 2023, plug-in hybrids and hybrids additionally elevated their market share. Collectively they make up 2.8% of the market.2 What’s extra, in response to information from Auto Dealer, new electrical vehicles purchased in 2022 have misplaced 21% of their market worth3 – excellent news if you wish to purchase second-hand in 2024.
“The used automotive market continues to develop strongly, with re-energised provide unlocking demand for pre-owned electrical autos – the consequence being twice as many motorists switching to zero emission motoring within the quarter (Q3). Sustaining this momentum requires development within the new automotive market, to spice up provide to the used sector and cement this success. Equally vital is the pressing want for charging infrastructure rollout, so that every one drivers can have faith in having the ability to cost at any time when and wherever they want.” – Mike Hawas, SMMT Chief Government
Black Horse launch new EV Hub
With demand steadily rising throughout the used automotive market, it’s vital for lenders and sellers to work collectively to coach their clients. That’s why we’re launching a brand new EV Hub quickly, which is able to share info across the security and lifetime of a used EV to assist ease peoples’ worries round charging, working prices and battery life. It should act as an support for sellers of their discussions with clients to assist them make knowledgeable choices.
“At Black Horse, we’re dedicated to sharing the potential of used EVs with sellers and clients. We’re taking steps to offer schooling to make EVs extra simply accessible. We’re additionally reviewing our finance merchandise to make sure we’re giving sellers confidence to inventory and shoppers confidence to purchase.”- Tim Smith, Head of Motor Finance.
1 & 2 https://www.smmt.co.uk/2023/11/used-bev-transactions-double-as-second-hand-market-goes-green/
