The UK’s EV transition could be fast-tracked by more than a decade if steps are taken to improve consumer confidence in the second-hand EV market, finds a recent report from the Green Finance Institute (GFI).
The report highlights the opportunity for the used EV market to play a major role in the net zero transition by boosting EV uptake in the UK by as much as 17 million. It also warns that key barriers impacting consumer confidence must first be addressed, with battery health concerns ranking number one amongst UK drivers, alongside affordability and apprehension around charging infrastructure.
The Green Finance Institute’s report Used EV Market: The Key to Unlocking Net Zero concluded that over a quarter of drivers would not buy a used EV unless uncertainty around batteries, cost, and charging infrastructure were addressed.
The research also identified a clear disconnect between drivers’ perceptions of EV running costs and the reality. Of those who currently wouldn’t buy a used EV, 27% cited the price and the cost of maintenance as a major factor. However, research has shown that the overall running costs of an EV over its lifetime of ownership are typically less than that of ICE counterparts. Recent falls in used EV values reported by Auto Trader now mean there are some used EVs which are cheaper to buy than their ICE equivalent.
The GFI put forward a range of solutions to overcome the barriers to the used EV market have also been put forward and the BVRLA will continue to explore this with the Institute and other stakeholders across the industry.
The full report can be read/downloaded from the GFI website.
Many of these topics, including battery health and charging infrastructure, will be covered at the BVRLA’s annual Fleets in Charge Conference in September.
Sessions include one on the progress towards the transition to zero emissions and what’s to come in the near future, as well as a look at hydrogen and a spotlight on how fleet operations are adapting and evolving.
The one-day Conference will take place at the QEII conference centre in London on Wednesday 20 September. The Early Bird ticket rate is available for a limited time, so don’t miss out. Visit Fleets in Charge Conference 2023 to book.
