Used Car Market Goes Electric: Record Surge in Pre-Loved EVs

The UK’s used car market continued its upward trajectory in the third quarter of 2024, with a 4.3% year-on-year increase, marking the seventh consecutive quarter of growth. A total of 1.96 million vehicles changed hands between July and September, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).

A key driver of this growth has been the surging popularity of electric vehicles (EVs). Used battery electric vehicles (BEVs) saw a remarkable 57% increase in sales, reaching a record market share of 2.7%. This surge underscores the increasing consumer appetite for electric mobility and the expanding availability of pre-owned EVs.

“The growth in the used car sector is fantastic news, driven by a fantastic range of desirable and increasingly zero-emission vehicles to suit every budget,” said Mike Hawes, SMMT Chief Executive. “Maintaining this momentum depends on a healthy new car market, particularly for EVs. Giving consumers the confidence to switch from their familiar petrol or diesel vehicles requires confidence and incentives.”

Market Trends

Superminis Still Reign Supreme: Superminis continued to dominate the used car market, accounting for 32.4% of all transactions.
Color Preferences: Black remained the most popular color choice, followed by grey and blue.
Segment Performance: While superminis, lower medium, and dual-purpose cars saw growth, segments like upper medium, executive, MPV, mini, and luxury saloons experienced declines.

A Call for Action

The SMMT is urging the government to review the current support and regulation for the EV market. Hawes emphasized the need for continued incentives to encourage consumers to make the switch to EVs, as this will ultimately benefit the entire automotive industry, including the used car market.

“A diminishing new car market will inevitably limit used car availability and affordability. This will be to the cost of motorists, the economy, and the environment,” Hawes warned.

As the UK continues its transition to electric mobility, the used car market is poised to play a crucial role in making EVs accessible to a wider range of consumers. However, sustained growth will depend on a supportive policy environment and continued consumer confidence.

Author

Henry Benz

Henry Benz isn't your average automotive journalist. He's not obsessed with horsepower or zero-to-sixty times. His passion lies in the quiet hum of electric motors, the surge of instant torque, and the thrill of a world hurtling towards a sustainable future. Henry is the EV evangelist, your plug-in pal, and the guy who will make you fall in love with the world of electric vehicles, one test drive at a time.

Henry's journey began in the golden age of muscle cars. He spent his youth wrenching on classic V8s, his nose forever stained with grease and his ears ringing with the roar of internal combustion. But as the climate crisis loomed larger, a seed of doubt sprouted in his gearhead heart. Could there be a way to enjoy the thrill of the open road without sacrificing the planet?

That's when Henry discovered the world of EVs. He was captivated by the silent power, the instant acceleration, and the sleek, futuristic designs. He devoured every article, watched every documentary, and hopped behind the wheel of every electric car he could find. He was hooked.

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