Vehicles on the Road Data
It is official – the UK has become the largest electric car market in Europe for the first time, outselling both Germany and France. 2024 was a record year for BEVs in the UK in respect to market share (19.6% for passenger vehicles) and number of new registrations (402,749 passenger vehicles and LCVs). Furthermore, the month of December proved to be a record breaking month with 46,927 passenger vehicle and LCV new registrations which equates to more than 31% of all new vehicle registrations being BEVs. This is the highest BEV market share in a calendar month since December 2022.
Tesla remained the top selling BEV for the month of December with 8,645 new registrations. This meant that there were more new Teslas on the road than any other month this year. Mercedes, Peugeot and Mini dropped out of the top 5, being replaced by BMW, Audi and Ford. Volkswagen kept their place in 2nd. We are interested to see if the likes of BYD will break into the top 10 or indeed 5 in 2025.
BEV Repair Costs – 2024
BEV repair costs have slightly edged up as we move into the colder months, but nothing like to the extent that we saw this time last year. Average repair costs for Tesla, BMW and Mercedes all remain relatively flat and similar to one another. The most notable change was with Audi that increased by 6.4% compared to last month, where Volkswagen repair costs decreased by 5.3% month on month.
For legacy manufacturers ‘Parts Costs’ make up the largest proportion of ‘Gross Repair Costs’. Last month we mentioned that for Tesla ‘Labour costs’ exceeded that of ‘Parts Costs’, which we are also now seeing for ‘BYD’, indicating that this may be a trend specific to new manufacturers. Are ‘Labour Costs’ higher due to repair networks adjusting to new approvals, methods and diagnostics or are ‘Parts Costs’ being kept artificially low?
Repair Costs – Top 5 Manufacturers by New Registrations (last 12 months)
Average Repair Costs by Manufacturer – Last 3 Months
Repair Costs Breakdown – Last 3 Months
n.b. Repair Costs are inclusive of discounts, but excluding tax.