Commercial characteristic from Black Horse

Regardless of UK new automobile gross sales hitting a 30-year low in 2022, the used automobile market is gaining increasingly more momentum. On the finish of 2023 alone, it grew 5.5% with virtually 1.9 million items altering arms. And electrical automobiles (EVs) are taking part in a serious position, with gross sales hovering by 99.9% in Q3 of 2023, with a file 1.8% market share.

With increasingly more individuals turning to electrical, and the federal government setting bold goals for all new automobiles to be zero emission by 2035, it’s vital sellers know the most recent info to information their clients by way of the transition.

Used automobiles are on the up

The expansion of the used automobile market is a development we’ve seen at Black Horse too. In December 2023, 6.1% of our used automobile enterprise centered on EVs. All through 2023 this enhance was evident month-on-month, rising fourfold by the tip of the 12 months. This means a sturdy surge in provide as the brand new automobile market recovers.¹

PHEV and HEV markets additionally experiencing development

Not solely did battery electrical automobiles enhance their proportion market share of the used automobiles 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 keeping with information from Auto Dealer, new electrical automobiles purchased in 2022 have misplaced 21% of their market worth³ – excellent news if you wish to purchase second-hand in 2024.

“The used automobile market continues to develop strongly, with re-energised provide unlocking demand for pre-owned electrical automobiles – the consequence being twice as many motorists switching to zero emission motoring within the quarter (Q3). Sustaining this momentum requires development within the new automobile 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 each one drivers can trust in with the ability to cost each time and wherever they want.” – Mike Hawas, SMMT Chief Government

Black Horse launch new EV Hub

With demand steadily rising inside the used automobile market, it’s vital for lenders and sellers to work collectively to teach their clients. That’s why we’re launching a brand new EV Hub quickly, which can share info across the security and lifetime of a used EV to assist ease peoples’ worries round charging, operating prices and battery life. It’ll act as an support for sellers of their discussions with clients to assist them make knowledgeable selections.

“At Black Horse, we’re dedicated to sharing the potential of used EVs with sellers and clients. We’re taking steps to supply training 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/}

^{3 https://www.driving.co.uk/car-clinic/will-electric-car-prices-go-down-in-2024/#:~:textual content=Forpercent20thosepercent20lookingpercent20topercent20buy,beenpercent20tumblingpercent20allpercent20throughpercent202023.}