Used car market rallies in Q3
The UK’s used car market increased by 4.4% in the third quarter after two consecutive quarters of decline.
According to the Society of Motor Manufacturers and Traders (SMMT), some 2,168,599 transactions took place between July and September, 92,217 more than the same period in 2019, with September recording the largest growth, up 6.3%.
This makes it the busiest quarter since the end of 2016.
However, the UK’s used car market is still down with 1,070,941 fewer transactions over the first nine months representing a decline of 17.5% overall.
Demand for pre-owned battery electric vehicles (BEVs) grew by 34.4% and 4.4% in the year to date. At the same time, sales of plug-in hybrids increased by 35.7%, with 10,040 changing hands. Petrol and diesel cars both saw an increase in sales of 4.5% and 2.6% respectively, accounting for 97.42% of all used transactions during the quarter.
Mike Hawes, SMMT chief executive, said: “With England entering a fresh lockdown, and tighter Covid restrictions in place across the rest of the UK, the car is playing an even more important role in keeping society moving as public transport becomes less attractive for many. It is encouraging to see used car sales returned to growth but, as the pandemic continues and outlets in many areas are being made to close again, the short-term outlook is less positive.
“Given these premises are often proven to be Covid-secure, we need them to re-open quickly to protect vital jobs and ensure no further delay to the fleet renewal necessary to deliver environmental improvements.”
