The UK and parts of Europe have taken to EVs quite well in the last few years. At the end of 2023 there were 975,000 full electric vehicles on the roads in the UK. In addition, there were 590,000 plug-in hybrids. A new study also claims that the leasing sector could massively increase the uptake in the coming years. We want to have a look at this here, then if you need any info about being a car broker, we can give you it.
Electrification
According to the data, if you consider the current rates of uptake in the EU, there will be 33 million households driving second hand EVs by 2035. An impressive 8 out of 10 buyers choose used vehicles. With more electric vehicles becoming available, the uptake will likely accelerate.
However, the study claims that leasing companies could push the number of second hand EVs up to 51 million. This would be a massive 56% increase. It would give buyers more high quality vehicles to choose from.
The crucial thing to keep in mind here is the role leasing companies play in supplying second hand cars. They tend to update their fleets every few years, typically three to four when warranties expire. This means they provide a steady stream of vehicles. These also tend to be very good quality because companies have to take care of them to maximise customer satisfaction. If you are a car broker, ex-fleet vehicles could be just what your clients need.
Do more
While the study shows leasing companies could play a major role in increasing EV uptake, it did also say they need to do more. If they were to lead the way in adopting electric vehicles, it would have a huge knock on effect on the used car market. However, some big companies in Europe and the UK are not leading by example. They may not even have plans for when the ban on fossil fuel engines comes in.
If the leasing sector does start leading by example, it could help more households make the switch. The most crucial thing here would be making more cheaper EVs available. A lot of buyers on the second hand market are looking for cost effective vehicles for £10,000 or less. However, it can be tricky to find EVs at this level, meaning middle income household don’t have a great deal of choice. More ex-lease vehicles at these price points would be fantastic news.
Do you want to become a car broker?
Whatever happens, the second hand car market will be much different in the future. There will be a point where it is full of EVs, with different models at various price points to suit different buyers. If a ban on producing new petrol and diesel cars does go ahead, there will be far fewer of them too.
Car brokers will need to keep an eye on things to ensure they can adapt their service accordingly. Their job is to source the right vehicles for dealers and sometimes private buyers too. It is a fun role and can be incredibly rewarding.
If you want to try your hand as a car broker, you can get a head start with our materials. Auto Car Brokers is an experienced company and has created some wonderful products to help with broking. You can buy individual modules or the full package. Learn more on our website or contact us.
