UK Used Car Market Sees 6.5% Growth in Q1 2024, SMMT Data Shows

The UK used car market is on the rise, with a 6.5% increase in sales in the first quarter of 2024. This growth, the strongest since 2019, is a positive sign of recovery in the automotive industry. The availability of new cars has improved, leading to a wider selection of second-hand vehicles for consumers.

One of the most notable trends in the market is the surge in sales of electric vehicles. Battery-electric vehicle sales have increased by 71%, with more consumers attracted to the cost-saving and environmental benefits of these vehicles. Hybrid-electric and plug-in hybrid vehicles have also seen growth, reflecting a shift towards more sustainable transportation options.

Despite the rise of electric and hybrid vehicles, petrol cars still dominate the market, with sales increasing by 7.7%. Diesel vehicles, on the other hand, experienced a decline in sales. Conventional powertrains still make up the majority of transactions, but their market share is decreasing as more buyers opt for electrified options.

Superminis remain the most sought-after vehicle type, with sales on the rise. The lower medium segment saw the largest volume gain, while dual-purpose vehicles had the highest percentage growth. However, executive, luxury saloon, and upper medium categories saw a decline in sales.

SMMT CEO Mike Hawes emphasized the importance of incentivizing new EV uptake and investing in a ChargePoint network to drive the nation’s net-zero transition. The growth in the used car market, particularly in electric and hybrid vehicles, reflects a changing consumer preference towards more sustainable transportation options.

Overall, the increase in used car sales in the UK is a positive indicator of recovery and growth in the automotive industry. With more choice and affordability for consumers, the market is poised for further expansion in the coming months.