The UK’s used car market has grown for the sixth consecutive quarter, rising 7.2% in Q2 – with increasing numbers of buyers switching to battery electric vehicles (BEVs).
According to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT), 46,773 found new owners between April and June, a rise of 52.6% resulting in, at 2.4%, the highest ever share of the market, up from 1.7% on the same period last year.
The overall increase in used car sales saw an additional 131,128 cars sold compared with the same period in 2023, as sustained growth in the new car market fuelled choice and availability in the used sector.
Transactions have risen in every month of the year, with the first six months up 6.8% to 3,931,318 units – marking the best growth since 2016 and the best first half year since 2019. Year to date, the market is now just -3.0% shy of pre-pandemic levels.
Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) also grew, up 25.2% to 21,580 units and 43.6% to 78,782 units respectively. Petrol and diesel powered cars still accounted for 92.4% of all vehicles, down from 94.3% last year. Petrol remained the most popular fuel type, up 9.2%, while diesel fell by -1.2%.
Superminis sustained their position as the best-selling used vehicle type, with volumes increasing by 8.6% to make up 31.9% of transactions, followed by lower medium (27.1% share) and dual purpose (15.8% share). The top three accounted for three quarters of all used vehicles, with only the executive (-4.2%) and luxury saloon segments (-5.4%) recording volume falls.
Black remained for the most popular used car colour, recording 6.3% growth and accounting for more than one in five (21.2%) transactions. Unchanged from last year, grey and blue took second and third places with 17.5% and 16.3% market shares respectively. White moved into fourth place to push silver back to fifth, while cream/ivory remained at the bottom end of the spectrum, at just 1,194 units.
Mike Hawes, SMMT Chief Executive, said:
“It’s encouraging to see the used car market continue its recovery, with choice and affordability rejuvenated by the new car sector’s sustained run of growth. The increased supply of electric vehicles to second and third owners is helping more motorists make the switch – underlining the importance of energising the new EV market to support a fair transition for all. Maintaining momentum requires reliable, affordable and green EV charging up and down the country and incentives to get all of Britain on board the net zero transition.”
Images courtesy of SMMT.
