Used EV Market Expected to Grow as Countries Transition to Electric Vehicles

📆 8/1/2023 6:05 AM
📰 OilandEnergy

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Used EV Market,Electric Vehicles,Transition

The used EV market is predicted to rapidly expand as countries worldwide shift towards electric vehicles. Early adopters upgrading to EVs with new technologies are contributing to the growing stockpile of used EVs. The affordability of used EVs makes them an attractive option for those who cannot afford new ones. Tesla's lead of U.K. sales and deliveries, Michael Oates, highlights the important role of used EVs in the transition away from internal combustion engine cars.

As countries worldwide transition away from fossil fuel-powered vehicles in favour of electric alternatives, the used EV market is expected to rapidly pick up pace. While the uptake of EVs has been relatively niche until recently, the stockpile of used EVs is steadily growing, as early adopters upgrade to EVs offering innovative, new technologies, such as more efficient batteries.

Just as in the traditional car market, those who cannot afford a shiny new EV will likely turn to the used EV market to follow the electrification trend without spending a fortune. At the EV summit 2023 in Oxford this month, the lead of U.K. sales and deliveries at Tesla, Michael Oates, emphasised the important role he expects used EVs to play in the transition away from internal combustion engine ICE cars. Oates stated, “Once the early adopters have adopted, we need to start getting in front of new audiences, those who haven’t necessarily considered an electric car as their next purchas

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