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.
