UK used car transactions increased by 7.2% year-on-year in the second quarter of 2024, according to new figures from the Society of Motor Manufacturers and Traders (SMMT).
The total of 1.96 million sales means the market has now grown for six consecutive quarters.
The Q2 figures include a strong showing by EVs, up by 52.6% year-on-year, although the segment still only accounted for 2.4% of the overall market.
Plug-in hybrid and conventional hybrid sales were also up, by 25.2% and 43.6% respectively. However, petrol and diesel cars still accounted for 92.4% of the market between them, although this was down from 94.3% a year earlier.
Petrol used car sales rose by 9.2%, while diesel was down by 1.2%.
In the first half of 2024, the used market was up by 6.8%, making it the strongest performance for this period since 2019.
Encouraging recovery
SMMT chief executive Mike Hawes 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.”
Commenting on the figures, Cox Automotive insight director Philip Nothard said: “The Q2 results for the UK used car market are encouraging and played out as we had forecasted. Despite subdued retail demand, margin pressures, and ongoing constraints in prime three-year-old retail stock, the market has shown remarkable resilience, marking its sixth consecutive quarter of growth.
“The surge in BEV sales is particularly promising, reflecting a significant shift in buyer preferences. However, as we look ahead to the year’s second half, it’s important not to get too giddy.
“Supply will remain a battleground, and the composition of the car parc is shifting faster than consumer preferences. While used values may have settled compared to the volatility seen last Q4, this year’s Q4 will likely see renewed turbulence as the rush to meet ZEV mandate targets intensifies in the new car market.”
The Ford Fiesta – no longer available as a new car – topped the used car sales chart in Q2 with 77,236 transactions, ahead of the Vauxhall Corsa with 63,713, and the Ford Focus with 59,042.
