The Green Finance Institute is leading a working group for the Office for Zero Emission Vehicles to explore the role of finance and data in growing the used EV market. As part of this, we undertook research to understand the perceptions towards used EVs in the UK, and how finance can play a role in the development of a used electric market.
We surveyed 2,000 UK drivers and spoke to 35 leading car dealers, motor finance lenders, and lease companies to understand the level of demand for used EVs and how to overcome any barriers in consumer confidence. This is critical to electrify road transport; by improving confidence in the used market, we can democratize EV ownership and make the transition more affordable.
Our research found that if we address four key areas, there are a potential 17 million drivers in the UK who would consider switching to an EV. These are:
- Improving confidence around battery health, through certificates and guarantees
- Making sure used EVs are affordable at the point of sale through financial productions, as well as when considering the total cost of ownership.
- Delivering charging infrastructure across the country.
- Ensuring access to reliable information about EVs and used EVs.