The number of transactions in the UK used car market grew by 4.1% year-on-year in the first quarter of 2023, according to the Society of Motor Manufacturers and Traders (SMMT).
It said the growth, to 1,847,149 transactions, was welcome following three consecutive quarters of decline, and was the best start to a year seen since 2020, which it attributed to growth in the new car market improving availability.
However, the market remained 8.6% below pre-pandemic levels, which the SMMT said reflected the ongoing impact of supply challenges and consumer sentiment in light of the wider economic backdrop.
The fastest-growing used car fuel type was pure EV, up by 56.5% – although these still only accounted for 1.4% of the overall market.
Plug-in hybrids were up by 13.9%, for a 2.3% market share, while conventional hybrids were up by 38.2% for a 2.7% market share.
Petrol car transactions were up by 4.5% for a 56.7% market share, and diesels were up by 0.2% for a 38.2% share.
SMMT chief executive Mike Hawes said: “Easing supply chain challenges have reenergised new car registrations, unlocking availability in the used market and, importantly, delivering more zero emission capable vehicles to second and third owners.
“Sustaining that growth is vital for our environmental goals, which means bolstering the new car market to drive supply to the used sector.
“Infrastructure rollout must also improve – and at speed – with affordable and reliable charging essential if more used buyers are to switch to the latest and cleanest available vehicles.”
