Used EV sales soar
A record 53,423 used battery electric vehicles (BEVs) were purchased in the last quarter – growth of 57% – and representing its largest-ever market share, new figures from the Society of Motor Manufacturers and Traders (SMMT) have revealed.
The news means BEVs are now 2.7% of the overall market, which is a an increase from 1.8% in the same period last year.
In further good news, sales of plug-in hybrids and hybrids also rose, up 29% and 35.8% respectively.
In total, the used car market grew by 4.3% between July and September, marking the seventh successive quarter of year on year growth. some 1,123,387 petrol vehicles were sold, up 5.7%, while diesels continued to decline, with 679,797 diesel vehicles, down 3.9%.
Superminis retained long-standing popularity, with sales increasing by 5% and making up 32.4% of all transactions. Lower medium (up 5.5%) and dual purpose (up 10.5%) cars came second and third, accounting respectively for 27.1% and 15.8% of the market.
Combined, the top three represented more than three quarters (75.3%) of all used cars changing hands.
From January to September, transactions have risen in every month and with just one quarter to go until the year end, the used car market is up 6% on the same period in 2023, with almost six million units sold in the first nine months.
Mike Hawes, SMMT Chief Executive, said:
“Growth in the used car sector is good news and driven by an outstanding range of desirable and, increasingly, zero emission vehicles to suit every budget. Maintaining this depends on a healthy new car market, particularly for EVs.
“Giving consumers the confidence to switch from their familiar petrol or diesel vehicles requires confidence and incentives otherwise many would-be new car buyers will sit on their hands, leading to a diminishing market that will inevitably limit used car availability and affordability.”
