SMMT: EVs drive surge in used car sales
UK used car market grows 7.2% in second quarter, marking sixth successive quarter of growth
August 8, 2024
The UK’s used car market has grown for the sixth consecutive quarter, rising 7.2% in Q2,1 according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT). The increase saw an additional 131,128 sales compared with the same period in 2023, as sustained growth in the new car market fuelled choice and availability in the used sector.
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, Year to date, the market is now just -3.0% shy of pre-pandemic levels.2
Increasing numbers of buyers are switching to battery electric vehicles (BEVs), with 46,773 finding new owners between April and June, a rise of 52.6% resulting in, at 2.4%, the highest ever share of the market, up from 1.7% on the same period last year. 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. Petrol and diesel powered cars still accounted for 92.4% of all vehicles, down from 94.3% last year. Petrol remained the most popular fuel type, up 9.2%, while diesel fell by -1.2%.
Source: https://www.automotiveworld.com/news-releases/smmt-evs-drive-surge-in-used-car-sales/
Superminis sustained their position as the best-selling used vehicle type, with volumes increasing by 8.6% to make up 31.9% of transactions, followed by lower medium (27.1% share) and dual purpose (15.8% share). The top three accounted for three quarters of all used vehicles, with only the executive (-4.2%) and luxury saloon segments (-5.4%) recording volume falls.
