#happyEVafter campaign tackles falling used EV values

The British Vehicle Rental and Leasing Association (BVRLA) has unveiled its new campaign, #happyEVafter, in a bid to rescue the faltering used electric vehicle (EV) market. Launched today at a reception in the House of Lords, the campaign brings together key stakeholders, including MPs, industry leaders, and representatives from the automotive sector, to confront the challenges threatening the UK’s electric vehicle transition.

Electric vehicles are critical to the UK’s decarbonisation strategy, but the journey to a sustainable, zero-emission future is proving to be anything but straightforward. Over the past two years, the value of used EVs has plummeted by more than 50%, an unprecedented decline that experts warn could worsen, with values expected to fall another 28% by 2030. This rapid depreciation has sparked concerns across the industry, with fears that it could undermine the entire EV market and jeopardize the UK’s climate targets.

While falling prices may seem beneficial for consumers, the reality is far more complex. A healthy used EV market is essential for the long-term sustainability of the sector, as it provides the foundation needed to support the sale of new EVs. A collapse in used EV values could lead to the sale of 290,000 fewer new electric vehicles by 2027, a scenario that would have significant repercussions for the UK automotive industry, including GDP, employment, and the country’s ability to meet its carbon reduction commitments.

“It has always been the case that vehicles lose more of their value in the first few years. For electric vehicles to date, the early drops have been bigger and deeper than the industry has ever seen.

“Those drops have to be absorbed somewhere. Currently, they are being swallowed by the leasing companies and fleet operators that have championed the switch to zero-emission vehicles. That is not sustainable.”

The #happyEVafter campaign, developed in collaboration with Auto Trader Insight, EVA England, and the National Franchised Dealers Association (NFDA), outlines a series of solutions aimed at stabilising the used EV market. These include consumer support initiatives and financial measures designed to ensure the long-term health of the EV transition.

The launch event served as a platform for industry stakeholders to discuss these solutions and explore collaborative approaches to avert a potential crisis. The campaign’s comprehensive strategy is seen as crucial to securing a “happy ever after” ending for the UK’s electric vehicle journey and ensuring that the country meets its climate goals for future generations.

For more information on the #happyEVafter campaign and to read the full campaign document, visit the BVRLA website.