Used car market gains wiped out in March
The UK’s used car market declined by 8.3% in the first quarter of 2020, after growth in January and February was wiped out by a 30.7% fall in March.
This is according to figures released by the Society of Motor Manufacturers and Traders (SMMT).
Demand for pre-owned plug-in electric vehicles grew 13.6% in the first quarter, after a bumper first two months when buyers took advantage of more of these zero, and zero-emission capable, models appearing on the used market. The number of hybrids changing hands also rose, up 11.5%, taking the total number of used alternatively fuelled vehicle (AFV) sales to 36,493.
Meanwhile, petrol and diesel car transactions decreased 9.3% and 7.8% respectively, though combined they still accounted for 97.9% of all used sales in the quarter, equivalent to 1,814,598 cars.
Mike Hawes, SMMT chief executive, said: “Encouraging growth for used car sales was wiped out in March as the coronavirus lockdown measures were introduced and, this subdued activity is likely to continue into the second quarter. While it is tricky to predict future demand, the impact of social distancing requirements on public transport means that, for many people, the car will play an even more important role in helping them travel safely to work. Re-opening new and used car outlets will support this, enabling more of the latest, cleanest vehicles to filter through to second owners and help support the UK’s green growth agenda.”
