Pure electric vehicles reached a record share of the used car market between July and September, accounting for 4.0% of all transactions. The Society of Motor Manufacturers and Traders (SMMT) reported that 80,614 used battery electric cars changed hands during this period, up from 2.8% market share a year earlier.
However, the automotive industry warned that government plans to make vehicles obtained through Employee Car Ownership Schemes liable for company car tax could undermine this progress. The proposed policy change is expected to force these schemes to close entirely.
Mike Hawes, SMMT chief executive, said: "With used EV uptake at a record high, a robust used car market is essential for fleet renewal, and helps make electrified mobility more accessible for more motorists."
The closure of Employee Car Ownership Schemes would reduce the supply of newer vehicles entering the second-hand market, Hawes warned. "However, overall consumer choice and affordability are at risk if the Government scraps Employee Car Ownership Schemes, a move that would stifle supply of the very latest vehicles into the used market and cut Exchequer revenue," he said.
Total used car transactions reached 2,021,265 in the three-month period, up 2.8% from the previous year. Hawes called for policy changes: "Britain needs fiscal policy that promotes rather than prevents economic growth, social mobility and decarbonisation."
Note: This article was created with Artificial Intelligence (AI).
