The UK’s used car market grew by 5.5% in 2024, including record figures for battery-electric vehicles (BEV), according to the latest figures by the Society of Motor Manufacturers and Traders (SMMT).
Demand continued to soar for used BEVs, rising some 57.4% to a record 188,382 units and achieving a new high for market share at 2.5%, up from 1.7% in 2023 and 13 times larger than in 2019.
BEV share in Q4 was 2.7%, matching Q3’s performance. Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) also grew, up almost a third (32.2%) to 92,120 units and 39.3% to 306,114 units respectively.
Combined, the number of used electrified vehicles changing hands increased by 43.3% on 2023, with more than half a million of these ultra low or zero emission motors accounting for a 7.7% share of sales.
This growth aligns with the new car market and demonstrates the increasing demand and choice across the sector for new and used electric motors – at price points to suit all potential buyers.
Marking eight quarters of continuous growth, the year saw 400,488 more vehicles change hands than in 2023, with growth in the new car market fuelling availability and wider choice within the used sector.
Transactions rose in every month in 2024, as they did in 2023, with Q4 up 4.0% to 1,746,051 units.
Mike Hawes, SMMT Chief Executive, said:
“The used car sector’s 25-month growth streak is good news for fleet renewal and for consumers benefitting from the greater choice filtering through from the new market. Record sales of second hand EVs also demonstrates strong appetite for these cutting-edge cars at lower price points.
“Ensuring ongoing growth, however, means maintaining that affordability, along with supply, which requires meaningful fiscal incentives to stimulate consumer demand for new EVs and removing the VED expensive car tax disincentive that risks dragging down used EV affordability for years to come.”
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