Pre-loved EVs soar to record levels as used car market goes green

The used car market grew by 4.3% between July and September, marking the seventh successive quarter of year on year growth, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT).¹ Some 1,965,811 vehicles changed hands, with 81,651 additional transactions compared with the same period in 2023,² following growth in the new car market.

In further good news, a record 53,423 used battery electric vehicles (BEVs) found new owners, a jump of 57.0%, reflecting the largest-ever market share at 2.7%, up from 1.8% in the same period last year. Sales of plug-in hybrids and hybrids also rose, up 29.0% and 35.8% respectively. Meanwhile, 1,123,387 petrol (up 5.7%) and 679,797 diesel vehicles (down -3.9%) found new owners, together accounting for 91.7% of the market.

Superminis retained their long-standing popularity, with sales increasing by 5.0% to 637,865 units to make up 32.4% of all transactions. Lower medium (up 5.5%) and dual purpose (up 10.5%) cars came second and third, accounting respectively for 27.1% and 15.8% of the market. Combined, the top three represented more than three quarters (75.3%) of all used cars changing hands. Meanwhile, the upper medium, executive, MPV, mini and luxury saloon segments recorded falls.

Black remained the best-selling used car colour, accounting for 21.2% of all transactions. Unchanged from the same period last year, grey took second place, growing by 7.9% to 17.6% of sales, followed by blue, up by 2.8% and making up 16.1% of the market. Silver was the only colour in the top 10 to see volumes fall, slipping to fifth place.

From January to September, transactions have risen in every month and with just one quarter to go until the year end, the used car market is up 6.0% on the same period in 2023, with almost six million (5,897,129) units sold in the first nine months.

Mike Hawes, SMMT Chief Executive, 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.”

Ian Plummer, Auto Trader’s Commercial Director, said:
“With the recent lacklustre performance in the new car market, it’s very positive to see such strong consumer appetite for used EVs. On our platform, demand has rocketed this year, especially among the ‘middle aged’ electric cars which on average are the same price, if not less than their petrol or diesel counterparts. They’re currently flying off forecourts 10 days faster than the rest of the used car market, which highlights just how vital a role affordable prices will play in the UK’s transition to electric.

“Consumer appetite for used cars hasn’t been limited to just electric this year. Despite the turbulent economic and political background, not to mention the Euros, Wimbledon, and the Olympics, the market remained as resilient in the last quarter as it has been throughout the year. While the industry currently faces a growing number of challenges, average prices remain buoyant, used cars are selling quickly, and as reflected in the additional circa 60 million visits to our platform this year, consumer demand has been remarkably robust. The closing months are typically the quietest, but based on the current performance, the market remains well on track to be the biggest since before the pandemic.”