The electric car market in the UK has reached a ‘tipping point of acceptance’ with dealers and drivers, according to Shoreham Vehicle Auctions.

The auction house said used prices and demand has grown based on increased dealer and consumer knowledge of the benefits associated with low emission driving.

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SVA’s managing director Alex Wright believes greater education on the features and benefits of the growing range of new and used electric cars has been key to the improved sentiment. Dealers are more confident when selling a used EV, which has in turn given consumers greater confidence in buying one.

“EVs need a used market that is alive and prospering. That’s why we have seen greater acceptance during 2018 and into 2019 which has boosted residuals. Companies have worked hard on education, including the SVA team’s training courses run in partnership with the Energy Saving Trust,” explained Wright.

“Leasing companies and finance companies can now underwrite EVs confident of a vehicle’s value in three-to-four years’ time which makes monthly rentals more competitive for companies and drivers alike.

“The next step is for the charging infrastructure to respond to market needs and provide a more reliable joined-up network of chargers across the country,” he added.

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Wright cites the Nissan Leaf as a good recent example of how the used market has changed. In 2017 a 2015-plate Nissan Leaf 6.6KW Acenta with 20,000 miles on the clock booked at £8,850. In 2019 a 2017-plate Nissan Leaf 6.6KW Acenta with the same mileage is booking at £11,000, a rise of £2,150.

“The used market for EVs has more than quadrupled in size since 2016 from 6,000 to 25,000 in 2018.

“It’s exciting to be in the used market at this time and we look forward to continue to support dealers in keeping pace with understanding new technologies and how to sell used EVs,” concluded Wright.