The UK's second-hand car market has experienced a remarkable upturn in the first quarter of 2024, with nearly two million units sold, marking the best start to a year since the pre-pandemic era of 2019. According to the latest data from the Society of Motor Manufacturers and Traders (SMMT), the market has seen a 6.5% increase with 1,967,923 vehicles changing hands, continuing a growth trend that spans five consecutive quarters.
This surge comes amid a recovering supply from the new car sector, enhancing the availability and variety of vehicles in the used market. Although this quarter's sales still show a 2.6% decrease from the pre-Covid levels, the consistent monthly growth throughout the year indicates a robust recovery.
Significantly, the rise in sales of zero-emission vehicles has outpaced other categories. Battery electric vehicles (BEVs) have seen an unprecedented 71% increase in sales, reaching 41,505 units and capturing a market share of 2.1%—the highest ever recorded for this segment.
This spike is attributed to growing consumer interest driven by the potential for cost savings and environmental benefits. Hybrid and plug-in hybrid vehicles also saw substantial gains, with sales rising by 49.3% and 42.5% respectively.
The market dynamics also reflect a preference for certain types of vehicles. Superminis led the charge with a 7.2% increase in transactions, followed by lower medium cars, which saw the largest volume increase. The dual-purpose segment also performed well, representing 16% of the market and enjoying the highest percentage growth at 10.3%. On the other hand, executive, luxury saloon, and upper medium segments witnessed declines.
Colour preferences among used car buyers remained consistent with previous trends, with black vehicles leading for the 13th consecutive quarter, making up 21.3% of sales. Grey, the most popular new car colour, secured second place with a significant 10.7% growth, while blue remained in third. Worth remembering when you choose a brand new EV in fluorescent yellow or orange – that the resale market may not be your friend.
Mike Hawes, SMMT Chief Executive, commented on the findings, emphasising the influence of a revitalised new car market on used vehicle sales. “A reinvigorated new car market is delivering more choice and affordability for used car buyers and, increasingly, they are choosing to go electric,” said Hawes. He highlighted the importance of continued incentives for new EV purchases and investment in a comprehensive chargepoint network to support the UK's transition to zero-emission motoring.
The SMMT plays a crucial role in advocating for the UK automotive industry, which is a key contributor to the national economy. The sector not only supports approximately 800,000 jobs but also generates significant export revenue, reinforcing its importance in the broader economic landscape and in achieving governmental goals for net zero emissions and economic growth.
As the second-hand car market continues to adapt to post-pandemic conditions, the shift towards electric vehicles is expected to play a pivotal role in shaping its future direction, promising a greener and more sustainable automotive landscape in the UK.
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