NFDA welcomes growth of UK used car market
The National Franchised Dealers Association (NFDA) has welcomed the news that the UK’s used car market rose 4.3% in the third quarter of the year.
The reported growth meant that the used car market has now increased for seven quarters in a row.
A total of 1,965,811 transactions were completed in the three months from July to September, according to the Society of Motor Manufacturers and Traders, representing an increase of 81,651 compared to the same period in 2023.
Sue Robinson, chief executive of the NFDA, said: “It is positive to see that, following the best first half-year performance since 2019, the used car market has continued to demonstrate robust growth in this quarter, despite challenging conditions.”
Meanwhile, electric vehicle sales were up by 57% to 53,423 units and a market share of 2.7%.
NFDA calls for EV focus
Robinson continued: “The used car market has displayed sustained growth throughout 2024, with a six per cent increase compared to the same period last year. This comes amid substantial political and economic shifts, notably with the Autumn Budget, and indicates that consumers may be shifting increasingly to the used market.
“It is also encouraging to see that used EVs are trending upwards in the used car market, achieving their largest ever market share. Used EVs will be play an important part in supporting consumers during the transition to electric, particularly as we reach the end of the first year of the ZEV mandate.
“NFDA continues to urge the government to invest in charging infrastructure to help boost demand further, especially as it reaffirms its commitment to the 2030 phase-out date for new internal combustion engine vehicles.”
