Used EV demand hits record levels as more drivers look for lower running costs

May 14, 2026

The used electric car market has hit another milestone, with battery electric vehicle sales rising 32% in the first quarter of 2026 according to new Society of Motor Manufacturers and Traders figures.

More than 86,000 used EVs changed hands between January and March, meaning around one in every 23 used car buyers now chooses electric. Rather than a niche, this suggests the used EV market is gradually becoming more normalised.

Higher fuel prices, growing familiarity with EVs, and increasing numbers of ex-fleet cars entering the market are all helping demand grow, even while the wider used car market remains broadly flat.

At the same time, the figures also reinforce why many fleets are becoming more interested in nearly-new EV leasing rather than committing to outright purchase.

As FleetWise explored in the latest edition of Better Fleet, nearly-new leasing is increasingly being seen as a practical way to reduce concerns around depreciation, residual values, and fast-moving EV technology, while still benefiting from lower running costs and reduced Benefit-in-Kind tax.

You can read the Better Fleet guide here: Better Fleet: A practical playbook for reducing EV cost uncertainty

While some drivers remain cautious about moving electric, the used market is slowly making EV ownership feel more financially accessible and lower risk than it did just a few years ago.