Used car market swells in September
- 09/11/2023
- Posted by: Alan Feldberg
- Category: News
The UK’s used car market grew by 5.5% during the third quarter, with 1,884,160 units changing hands, according to the Society of Motor Manufacturers and Traders (SMMT).
The increase marks the third successive quarter of growth, with 98,713 additional transactions compared with the same period in 2022.
Volumes in each month of the quarter rose, with the strongest gain in September, up 6.3%, which helped the market deliver the best third quarter performance since 2021.
Meanwhile, battery electric vehicles (BEVs) doubled in the quarter, reaching a record market share as volumes rose by 99.9% to 34,021 units. The boost now means BEVs represent 1.8% of the used market, up from one per cent last year. Sales of plug-in hybrids (PHEVs), and hybrids (HEVs) also grew, up 34.6%, and 46.4% respectively.
Mike Hawes, SMMT chief executive, said: “The used car market continues to grow strongly, with re-energised supply unlocking demand for pre-owned electric vehicles – the result being twice as many motorists switching to zero emission motoring in the quarter. Maintaining this momentum requires growth in the new car market, to boost supply to the used sector and cement this success. Equally important is the urgent need for charging infrastructure rollout so that all drivers can have confidence in being able to charge whenever and wherever they need.”
