EV growth unable to offset falling sales
- 10 November 2022
- Posted by: Alan Feldberg
- Categories: Featured, News
The UK’s used car market fell for the second consecutive quarter this year, declining 12.2% over the three months of July to September.
According to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT), some 1,785,447 vehicles changed hands, the first time that Q3 transactions have dipped below two million since 2015.
In the year to date, sales are now down 9.7% to 5,319,482.
Used battery electric vehicle (BEV) sales bucked the trend, however, with sales rising 44.1% to 16,775 transactions, adding up to 48,032 in the year to date. It means that combined transactions for electrified vehicles reached a four per cent market share in the third quarter, up from 3.3% a year before.
Mike Hawes, SMMT chief executive, said: “Given the short supply of new cars due largely to sustained chip shortages, a declining used car market comes as little surprise, although it’s great to see a growing number of used buyers able to get into an electric car. The demand is clearly there and to feed it we need a buoyant new car market, which means giving buyers confidence to invest.
“Next week’s Autumn Statement is an opportunity for the government to make a long-term fiscal commitment to zero emission motoring, including adequate public charging infrastructure, which, especially given the economic headwinds, would go a long way to stimulating the market and delivering both economic and net zero progress.”