Electric vehicle (EV) sales may never reach full potential unless the used vehicle market get to grip with alternatively-fuelled vehicles, according to Cox Automotive.

The company believes that more action must be taken to increase EV adoption in the UK and to alleviate some of the stumbling blocks affecting consumer purchasing. Regit recently polled drivers on the topic and found that 92% are concerned that the country’s EV charging infrastructure is not up to today’s demand, and 69% are sceptical that it will be able to cope with extra demand by 2030.

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The key to allaying these fears and boosting EV adoption throughout the UK, according to Cox, is the used market, where EV volumes and appetite are increasing as they become higher on the consumer choice list.

According to the firm’s statistics, EVs are retaining high residual values, offering strong profit margins for dealers and a more affordable option to consumers.

April’s market share of HEVs (hybrid-electric vehicles) grew to 8.3%, up from 1.1% on the previous year. PHEVs (plug-in hybrids) grew to 6.8%, up from 2.2% year-on-year, and BEVs (battery electric vehicles) saw a year-on-year fall of31.8%, with last month’s market share falling to 6.5%.

However, all three alternative fuelled vehicle types saw growth in year-to-date market share. HEVs 7.7%, up from 5.8% on the previous year, PHEVs 6.4% up from 2.8% last April and BEVs have grown to 7.2% compared to 4% this time last year.

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Philip Nothard, Cox Automotive’s insight & strategy director, explained that an increased focus on the used EV market is needed as it rapidly matures. “Used EVs are becoming available to buyers otherwise turned off by the expensive new vehicle list prices, high monthly finance payments, and mixed messaging surrounding brand-new models.

“Some earlier EV models have been on the road for a decade, so these are increasingly reaching the used market and benefit both dealers and customers alike. They retain high residual values, offer strong profit margins for dealers, and offer a more affordable, straightforward EV option for consumers.

“The UK needs to make its position on EV crystal clear for consumers and lean on the used market to help give motorists their first EV experiences, driving wider adoption across the country, which, in time, will undoubtedly be reflected in an improved position for new EV sales as the country continues to build its EV infrastructure. Perhaps a government grant for buyers of used EVs could positively impact EV adoption sooner and benefit the manufacturers of new ones.”