UK used car market grows by 5.1%

Overall more than 1.7 million transactions took place, with 86,596 additional cars changing hands compared with the same period in 2021. Used car sales in the quarter were driven by a buoyant market in January and February, with rises of 17.7% and 7.4% respectively. 

March, on the other hand, saw a decline of 6.8%, following a stronger performing month in 2021 as the pandemic-affected market began to recover. And, despite growth over the course of the quarter, used car transactions remain 12.2% lower than they were during the same period in 2019. 

However it was a record quarter for used electric vehicles (EVs), with transactions in this market more than doubling from 6,625 to 14,586 - a rise of 120.2%. Plug-in hybrids and hybrids also changed hands in greater numbers than the year before, rising by 35.3% to 14,433, and 28.8% to 35,007 units respectively. 

Despite this growth, petrol and diesel powertrains continued to dominate the used market representing 96.2% of used sales, while plug-in vehicles comprised 3.6% of the total market share. 

Commenting on the figures, SMMT’s chief executive Mike Hawes said: “With the new car market hampered by ongoing global supply shortages, growth in the used car market is welcome, if unsurprising especially given we were in lockdown last year. 

“Electric car sales are energising the market, with zero emission vehicles starting to filter through in larger numbers to consumers looking forward to driving the latest and greenest vehicles. 

“Although there is some way to go before we see the recent growth in new EVs replicated in the used market, a buoyant new car market will be vital to help drive fleet renewal which is essential to the delivery of carbon savings.”