Used car sales grow for sixth straight quarter

By Alan Feldberg - 9/08/2024

Used car sales in the UK grew for the sixth consecutive quarter, rising 7.2% in the second quarter of 2024 thanks partly to surging demand for electric vehicles.

According to the Society of Motor Manufacturers and Traders (SMMT), used car sales were up 131,128 compared with the same period in 2023.

Transactions have risen in every month of the year, with the first six months up 6.8% to 3,931,318 units – marking the best growth since 2016 and the best first half year since 2019.

Meanwhile, increasing numbers of buyers are switching to battery electric vehicles (BEVs), with 46,773 used EV sales between April and June, a rise of 52.6% to account for 2.4% of the market. Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) also grew, up 25.2% to 21,580 units and 43.6% to 78,782 units respectively.

However, petrol and diesel powered cars still accounted for 92.4% of all vehicles.

Used car sales

Mike Hawes, SMMT chief executive, said,

“It’s encouraging to see the used car market continue its recovery, with choice and affordability rejuvenated by the new car sector’s sustained run of growth. The increased supply of electric vehicles to second and third owners is helping more motorists make the switch – underlining the importance of energising the new EV market to support a fair transition for all. Maintaining momentum requires reliable, affordable and green EV charging up and down the country and incentives to get all of Britain on board the net zero transition.”

Ian Plummer, commercial director, Auto Trader, added: “The maturing electric market’s been a bright spot this year, particularly those ‘middle-aged’ models which have benefitted from a significant softening in price.

“Used EVs are currently selling at their fastest rate in eight months, while those aged 3-5-years-old, which are now broadly at price parity with their petrol counterparts, are the fastest selling segment of the used car market, and by some margin. Clearly, when the price is right, buyers are eager to make the switch.”