Used car market enjoys quarterly growth
The UK’s used car market rose by 4.1% during the second quarter of the year, with 1,832,267 units changing hands.
According to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT), the increase equates to an additional 72,583 transactions compared with the same period in 2022, reflecting sustained growth in the new car market and improving availability.
The easing of supply chain disruptions has driven sales growth in every month so far this year although sales in the second quarter still remain 9.9% below 2019 levels.
Used battery electric vehicle (BEVs) sales grew by 81.8% to 30,645 units, representing 1.7% of the market – a new record – up from one per cent last year. Double-digit growth also continued for plug-in hybrids (PHEVs) and hybrids (HEVs), up 11.4% to 18,437 units and 29.5% to 53,634 units respectively.
Mike Hawes, SMMT chief executive, said: “It’s great to see a recharged new car sector supporting demand for used cars and, in particular, helping more people to get behind the wheel of an electric vehicle. Meeting the undoubted appetite for pre-owned EVs will depend on sustaining a buoyant new car market and on the provision of accessible, reliable charging infrastructure powered by affordable, green energy. This, in turn, will allow more people to drive zero at a price point suited to them, helping accelerate delivery of our environmental goals.”
