EVs drive surge in used car sales

The UK’s used car market has grown for the sixth consecutive quarter, rising 7.2% in Q2, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT).

The increase saw an additional 131,128 sales compared with the same period in 2023, as sustained growth in the new car market fuelled choice and availability in the used sector.

Transactions have risen in every month of the year, with the first six months up 6.8% to 3,931,318 units – marking the best growth since 2016 and the best first half year since 2019, Year to date, the market is now just -3.0% shy of pre-pandemic levels.²

Increasing numbers of buyers are switching to battery electric vehicles (BEVs), with 46,773 finding new owners between April and June, a rise of 52.6% resulting in, at 2.4%, the highest ever share of the market, up from 1.7% on the same period last year.

Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) also grew, up 25.2% to 21,580 units and 43.6% to 78,782 units respectively.

Petrol and diesel powered cars still accounted for 92.4% of all vehicles, down from 94.3% last year. Petrol remained the most popular fuel type, up 9.2%, while diesel fell by -1.2%.

Mike Hawes, SMMT Chief Executive, said, “It’s encouraging to see the used car market continue its recovery, with choice and affordability rejuvenated by the new car sector’s sustained run of growth.

“The increased supply of electric vehicles to second and third owners is helping more motorists make the switch – underlining the importance of energising the new EV market to support a fair transition for all. Maintaining momentum requires reliable, affordable and green EV charging up and down the country and incentives to get all of Britain on board the net zero transition.”