Electric vehicle sales drive used car market spike
Used electric vehicle sales soared by 57% between July and September, according to new data released by the Society of Motor Manufacturers and Traders (SMMT).
It found that a record 53,423 used battery electric vehicle transactions, driving up EV market share from 1.8% this time last year to 2.7%.
Meanwhile, sales of plug-in hybrids and hybrids also rose, up 29% and 35.8% respectively.
The uptick came amidst a wider market increase, with overall used car sales rising by 4.3% in the third quarter, with 1,965,811 vehicles changing hands, an increase of 81,651 compared with the same period in 2023.
Used petrol sales were up 5.7% to 1,123,387 units, while diesel sales were down 3.9%.
Meanwhile, across the year, used car transactions have risen in every month (5,897,129) and are now six per cent up on the same period in 2023.
Used electric vehicle sales
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. This will be to the cost of motorists, the economy and the environment – making a review of support for the transition and the regulation intended to deliver it, an urgent priority.”
