Used EVs hit record high as market goes green

The used car market grew by 4.3% between July and September, marking the seventh successive quarter of year-on-year growth, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT).

Some 1,965,811 vehicles changed hands, with 81,651 additional transactions compared with the same period in 2023,following growth in the new car market.

In further good news, a record 53,423 used battery electric vehicles (BEVs) found new owners, a jump of 57.0%, reflecting the largest-ever market share at 2.7%, up from 1.8% in the same period last year. Sales of plug-in hybrids and hybrids also rose, up 29.0% and 35.8% respectively. Meanwhile, 1,123,387 petrol (up 5.7%) and 679,797 diesel vehicles (down -3.9%) found new owners, together accounting for 91.7% of the market.

From January to September, transactions have risen in every month and with just one quarter to go until the year end, the used car market is up 6.0% on the same period in 2023, with almost six million (5,897,129) units sold in the first nine months.

Mike Hawes, SMMT Chief Executive, said, “Growth in the used car sector is good news and driven by an outstanding range of desirable and, increasingly, zero emission vehicles to suit every budget. Maintaining this 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 otherwise many would-be new car buyers will sit on their hands, leading to a diminishing market that will inevitably limit used car availability and affordability. This will be to the cost of motorists, the economy and the environment – making a review of support for the transition and the regulation intended to deliver it, an urgent priority.”