The UK’s used car market has roared back to life, recording its strongest start to a year since 2019. According to figures released today by the Society of Motor Manufacturers and Traders (SMMT), nearly 2 million used cars (1,967,923) were purchased in the first quarter (Q1) of 2024, a rise of 6.5%. This marks the 16th consecutive month of growth, reflecting a recovering new car market that’s feeding more choice into the second-hand sector.
Despite this positive trend, sales remain 2.6% below pre-pandemic levels. However, there’s a clear shift towards electrification underway. Battery electric vehicles (BEVs) are leading the charge, with sales surging by an impressive 71% to 41,505 units. This stellar performance has secured BEVs a record market share of 2.1%, solidifying their position as the fastest-growing powertrain type.
The allure of lower running costs and environmental benefits is proving irresistible to a growing number of used car buyers. Hybrids (HEVs) are also enjoying a healthy uptick, with sales climbing by 49.3% to 74,502. Plug-in hybrids (PHEVs) haven’t been left behind either, witnessing a 42.5% increase to 22,065 units sold.
While internal combustion engine (ICE) vehicles remain dominant, their grip on the market is loosening. Petrol car sales rose by a modest 7.7% to 1,130,396, while diesel transactions dipped slightly by 1.3% to 697,718. Combined, petrol and diesel cars accounted for 92.9% of all used car sales (1,828,114 units), but their market share has shrunk by over 2 percentage points compared to Q1 2023.
Superminis continue to reign supreme, with 640,711 finding new homes, representing a 7.2% rise. The lower medium segment followed closely behind, recording the biggest volume gain (45,301 units) with a 9.2% increase. Dual purpose vehicles rounded out the top three, maintaining their 16% market share but achieving the highest percentage growth (10.3%) in the quarter. These three segments together accounted for a significant three-quarters of all used cars sold in Q1 2024.
Interestingly, the top three most popular car colours remain unchanged from Q1 2023. Black retains its crown for the 13th consecutive quarter, representing 21.3% of sales. Grey, the favourite colour in the new car market, holds onto second place but saw the most significant growth (10.7%) among the top ten colours. Blue completes the podium, experiencing a 6.2% rise in transactions.
Mike Hawes, SMMT Chief Executive, commented, “A resurgent new car market is providing used car buyers with greater choice and affordability, and increasingly, they’re opting for electric. To ensure even more drivers can experience the benefits of zero-emission motoring, a robust environment for both supply and demand is crucial. Continued incentives for new EV purchases alongside investment in an accessible, affordable, and widespread charging network will be essential to drive the nation’s transition to net zero.”
