A report by Green Finance Institute (GFI) predicts that UK’s EV transition could be fast-tracked by more than a decade if steps are taken to improve consumer confidence in the second-hand EV market.

Around 17 million UK drivers could be encouraged to make the switch to electric if battery health, affordability, charging infrastructure, and access to reliable information can be provided, and could prove pivotal in reaching net-zero.

The sale of new petrol and diesel cars will be banned from 2030 by the Government in a move to reduce road transport emissions, however, the used car market, which is not impacted by the ban, is by far the most dominant across the country, representing 82 per cent of cars sold in the UK in 2021 – a market that is forecasted to be worth £182bn by 2027 .

The Green Finance Institute’s report Used EV Market: The Key to Unlocking Net Zero concludes that, despite over 61 per cent of drivers indicating they would purchase an EV, over a quarter of them would not buy a used EV unless these concerns are addressed.

Lauren Pamma, programme director at the GFI, said: “Without the used market, the EV transition is destined to stall. So, if we’re serious about driving EV adoption en masse, we need to channel this appetite for second-hand cars towards EVs.”

The Government has convened a working group to identify potential barriers and solutions to the take-up of used EVs, and the report presents some of the conclusions from the finance and data workstream of the working group. The Green Finance Institute will continue to work collaboratively with Government to develop the second-hand vehicle market.

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