Used car market rises for third year in a row
The UK’s used car market grew by 2.2% to 7,807,872 transactions last year, according to the Society of Motor Manufacturers and Traders (SMMT).
The increase marks three consecutive years of growth.
Meanwhile, demand for electrified vehicles accelerated significantly with sales of used electric cars surging 45.7% year-on-year to 274,815 transactions and a 3.5% market share. Plug-in hybrid sales rose by 6.3% to 88,032 units, while hybrids increased by 28.6% to 407,531 units.
Combined, used electrified car transactions rose 30.9% to 770,378 units and 9.9% of all purchases.
However, petrol and diesel models continued to dominate, comprising 89.9% of used transactions. Petrol accounted for 56.7% of the market with diesel making up 33.1% of sales.
Market resilience
Mike Hawes, SMMT chief executive, said: “A third year of used car sales growth underscores the market’s resilience, with recovering new car demand revitalising choice and affordability – especially for EVs – in the used market.
“The record number of buyers making the switch signals growing confidence in zero and ultra-low emission motoring. Maintaining this momentum, however, and driving the fleet renewal needed to decarbonise our roads at pace, must start with ensuring a strong and sustainable new car market.”
