Q3 used car market increase
Britain’s used car market remained near recent record highs in the third quarter of 2018, according to figures released by the Society of Motor Manufacturers and Traders (SMMT).
Despite a sales dip of -2.1 per cent compared with the same period in 2017, there were 2,057,457 used transactions in Q3, with August the quarter’s best-selling month.
Buyers continued flocking to hybrid, plug-in hybrid and electric vehicles, with just shy of 30,000 transactions in the quarter. Demand surged 28.6% as consumers took advantage of the increasing range of ultra-low and zero emission cars entering the second-hand market, with pure electric cars posting an 8.3 per cent jump in sales over the same period.
Conventional petrol and diesel models still represented more than 98% of all Q3 transactions as almost 850,000 diesel cars found new owners over the summer. Although overall sales of petrol and diesel vehicles dropped by -2.3 per cent and -2.6 per cent respectively, residual values for both have risen, perhaps indicating that drivers are holding on to their cars for longer.
Mike Hawes, SMMT chief executive, said, ‘It is encouraging that the UK used car market has remained solid in the third quarter of the year, and good news that there is growing enthusiasm for alternatively powered vehicles. The right policies and incentives from government are needed to encourage new car buyers to take up the latest, cleanest petrol, diesel and electric models that best suit their driving needs. This would be the best way for these advanced technologies to filter through to the used market, helping to accelerate fleet renewal to improve air quality and meet climate change goals.’