The used car market has recorded a 4.3% growth between July and September 2024, unveiled data released by the UK’s Society of Motor Manufacturers and Traders (SMMT).
This marks the seventh consecutive quarter of year-on-year expansion.
Go deeper with GlobalData
In Q3 2024, about 1,965,811 vehicles were sold, with a significant increase in used electric vehicle sales, compared to 1,884,160 in the same period a year ago.
About 53,423 used battery-electric vehicles (BEVs) were sold, a 57% surge from the previous year, capturing a 2.7% market share, up from 1.8%.
The sales of plug-in hybrids and hybrids also grew 29.0% and 35.8%, respectively.
Despite the rise in alternative fuel vehicles, petrol and diesel cars still dominated the market, with petrol sales growing by 5.7% and diesel sales declining by 3.9%.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSuperminis continued to be the most popular choice among used car buyers, with a 5% increase in sales while lower medium and dual-purpose vehicles also saw growth.
However, other segments like upper medium, executive, MPV, mini, and luxury saloons experienced declines in sales.
With the final quarter ahead, the market is up by 6% compared to the same period in 2023, with close to six million units sold in the first nine months.
SMMT CEO Mike Hawes said: “Growth in the used car sector is good news and driven by an outstanding range of desirable and, increasingly, zero-emission vehicles to suit every budget.
“Maintaining this depends on a healthy new car market, particularly for EVs. Giving consumers the confidence to switch from their familiar petrol or diesel vehicles requires confidence and incentives otherwise many would-be new car buyers will sit on their hands, leading to a diminishing market that will inevitably limit used car availability and affordability.
“This will be to the cost of motorists, the economy and the environment – making a review of support for the transition and the regulation intended to deliver it, an urgent priority.”
