UK used car transactions fell by 12.2% year-on-year in the third quarter of 2022, according to the Society of Motor Manufacturers and Traders (SMMT).
A total of 1,785,447 vehicles changed hands, the first time the Q3 figure has been below two million since 2015.
The SMMT said this was down to the knock-on effects of semiconductor shortages continuing to impact the supply of stock, with the market now down 9.7% for the year to date.
However, the SMMT did report a big Q3 increase in used battery EV sales, up by 44.1% to 16,775. Used hybrid car sales also rose, by 2.5% to 41,479; however plug-in hybrids were down by 5.8%, to 13,899.
Overall, these electrified models took a 4% used car market share in Q3 – up from 3.3% a year earlier, but still well behind petrol and diesel cars, with the former taking a 57.1% market share.
SMMT chief executive Mike Hawes said: “Given the short supply of new cars due largely to sustained chip shortages, a declining used car market comes as little surprise, although it’s great to see a growing number of used buyers able to get into an electric car.
“The demand is clearly there and to feed it we need a buoyant new car market, which means giving buyers confidence to invest.
“Next week’s Autumn Statement is an opportunity for the government to make a long-term fiscal commitment to zero emission motoring, including adequate public charging infrastructure, which, especially given the economic headwinds, would go a long way to stimulating the market and delivering both economic and net zero progress.”
