The UK’s used car market experienced a 7.2% rise in the second quarter of 2024, with an additional 131.13 million sales compared to the same period in the previous year.
This marks the sixth consecutive quarter of growth, as reported by the Society of Motor Manufacturers and Traders (SMMT). The rise is attributed to the expanding new car market, which has enhanced the variety and availability of vehicles in the used sector.
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In the first half of the year, transactions climbed by 6.8% to 3.93 million units, the most robust growth since 2016 and the best first-half-year performance since 2019.
Currently, the market is 3% below the pre-pandemic levels. Battery-electric vehicles (BEVs) have seen a significant uptick in popularity, with sales increasing by 52.6% to 46,773 units, capturing a 2.4% market share.
Plug-in hybrids (PHEVs) and hybrids (HEVs) also witnessed growth, with sales up by 25.2% to 21,580 units and 43.6% to 78,782 units, respectively.
Despite the rise in alternative fuel vehicles, petrol and diesel cars still dominate the market, making up 92.4% of all transactions, a slight decrease from 94.3% the previous year.
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By GlobalDataPetrol sales grew by 9.2% while diesel experienced a 1.2% fall.
Superminis retained its status as the most sought-after used vehicle type, with an 8.6% increase in sales, accounting for 31.9% of the market.
They were followed by lower medium and dual-purpose vehicles, which together comprised three-quarters of all used vehicle transactions.
The executive and luxury saloon segments were the only ones to see a decrease in sales, dropping by 4.2% and 5.4%, respectively.
Black remained the preferred colour choice for used cars, growing by 6.3% and representing over one-fifth of sales. Grey and blue maintained their second and third positions in market share, while white overtook silver for the fourth spot.
Cream or ivory-coloured vehicles remained the least popular.
SMMT CEO Mike Hawes noted: “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.”
