Companies switching to used EVs for car fleets

More companies with car fleets are choosing used models as demand for electric vehicles (EVs) surges, new figures show.

UK leasing companies reported that the number of contracts signed for used cars in the three months to the end of June was more than two-and-a-half times higher than the same period a year earlier.

That is compared with an 11% increase for new cars.

Trade body the British Vehicle Rental & Leasing Association (BVRLA), which released the figures, said many of its members were increasingly re-leasing used EVs as a solution to the steep depreciation of new cars.

It added that the supply of used EVs – and the consumer interest in driving them – is growing.

BVRLA chief executive Toby Poston said the used vehicle market “underpins the entire zero-emission ecosystem”.

He went on: “We can protect value throughout the vehicle’s life, making EVs affordable to more households and ensuring sustainability isn’t just environmental but economic.”

Fiona Howarth, chief executive of EV leasing company Octopus Electric Vehicles, said: “EVs are built to last, with batteries holding their power year after year.

“Many drivers are used to buying second hand, so giving them the same confidence and support as new-car owners is key to building a fair, thriving electric market.”

A recent YouGov survey commissioned by chargepoint supplier char.gy indicated that the likelihood of drivers considering an EV rises by eight percentage points when they are given accurate information about battery lifespan and running costs.