More than 30 organisations have written to the UK Government calling for swift action to support the used EV market.
The letter to the Secretary of State for Transport, Heidi Alexander, coordinated by the BVRLA, argues that the used market offers the best value-for-money opportunity for government to accelerate EV uptake.
It states that applying targeted grants and subsidies to the used market would help to underpin vehicle affordability and equity of access, and support the financial viability of new vehicle sales.
The letter also calls for broader interventions that include investment in skills and training, public information campaigns, and clear battery health standards.
BVRLA chief executive Toby Poston said: “The used car market is nearly four times the size of the new one. Maintaining healthy demand and values for second-hand electric vehicles is essential if we want to deliver a sustained transition.
“The link between the new and used markets is critical. Low residual values increase the cost of financing and leasing new vehicles. This impacts all customers, especially consumers and SMEs, suppressing demand and eroding confidence across the BEV ecosystem.
“We know the government is listening. The £1.4billion committed to support EV uptake last month could make a difference.
“This letter is just one example of how we continue to work with industry and government to highlight how this money can achieve the best return on investment.”
