October’s EV Registration Stats and the Rising Used EV Market
October 2024 presented a nuanced picture of the UK electric vehicle (EV) market. While new battery electric vehicle (BEV) registrations saw promising growth, the overall new car market faced significant challenges. Meanwhile, the used EV sector continued to thrive, offering an appealing alternative to budget-conscious buyers. This article dives into the October data, year-to-date (YTD) trends, and the growing relevance of the used EV market for Scottish buyers considering home EV charger installations.
The UK’s new car market fell by 6.0% in October, tallying 144,288 new vehicle registrations—a sobering sign of the hurdles ahead. Fleet registrations dipped by 1.7%, business purchases saw a sharp 12.8% decline, and private sales shrank by 11.8%, continuing a two-year downtrend. Despite these drops, BEVs stood out as a beacon of resilience, growing by 24.5% to secure a 20.7% share of the market. Of all the manufacturers, Volkswagen secured 9% of the BEV sales of October, with their range of ID cars due to expand further in the next year.
The expansion of BEV model choices—up 38% in 2024 to over 125 available models—was supported by aggressive manufacturer discounting. Interestingly, one in five BEVs were priced lower than the average petrol or diesel vehicle, a promising development for cost-aware buyers, especially those leveraging salary sacrifice schemes. However, the overall market still experienced an estimated £350 million loss in turnover.
The YTD data paints a picture of mixed progress. Although nearly 300,000 BEVs have been registered in 2024, capturing 18.1% of the market, this figure trails the 22% target and falls well short of the ambitious 28% goal set for 2025 under the Vehicle Emissions Trading Scheme. The increased Vehicle Excise Duty on low-carbon vehicles further dampens prospects for rapid fleet renewals, which are essential for decarbonization.
Scottish buyers, especially those eyeing new EVs, face decisions influenced by these trends. While the market adapts, homeowners should consider enhancing their EV experience with the convenience of a home EV charger from Lemac Power, tailored for efficiency and reliability.
Despite challenges in new car sales, the used EV market is thriving. In October, weekly listings averaged 135,000, with prices between £25,000 and £28,000, making them accessible to a wider range of buyers. Used EVs sold quicker, averaging 60-65 days on the market compared to 80-85 days for ICE vehicles. This strong demand, bolstered by a September surge to 14,839 sales (up from 8,248 a year prior), shows growing consumer confidence driven by affordability, and increased supply from off-lease models.
For buyers in Scotland considering a used EV, there’s never been a better time to take the leap. The availability of competitively priced, high-quality pre-owned EVs is expanding, offering the perfect opportunity to invest in cleaner driving without stretching your budget. Pairing your purchase with a reliable home charging solution can transform your EV experience. Lemac Power’s 7kW home EV chargers offer efficiency and simplicity, making them a smart choice for Scottish homeowners eager to support sustainable transport.
