170223 Various dealership forecourt OXFORD.
VW FORD NISSAN MOT MERCEDES TOYOTA INTEREST RATES LOAN FINANCE
CAR TRANSPORTER BCA VAUXHALL HARTWELL USED CARS NEW CARS SECURITY MAZDA VAN VANS PICK UP SERVICE SERVICING
Photographer: David Berman
The UK’s used car market saw 2,020,990 transactions in Q1, the first time sales have breached two million in the first quarter since before the pandemic.
Sales grew by 2.7% year on year, capping off nine consecutive quarters of growth as the market responded to greater supply from the new car sector, according to the Society of Motor Manufacturers and Traders (SMMT).1
Petrol remained the best-selling fuel type, rising 2.1% to 1,149,855 units, while diesel experienced a -3.1% decline to 679,739 units.
As a result, ICE cars made up 90.5% of all used transactions in the quarter. However, their combined market share fell 2.4 percentage points on Q1 2024 as more buyers opted for electrified options.
Hybrids attracted record numbers of second and third owners, up 30.2% to 98,830 units, while 23,540 plug-in hybrids changed hands, up 14.0% on the same period last year.
Battery electric cars recorded the highest growth, increasing by 58.5% to 65,850 units and a record 3.3% share of all transactions.
Smaller cars remained the mainstay of demand, with superminis again the best-selling segment, accounting for almost a third (32.4%) of all used car transactions, followed by small family (lower medium) cars (27.0%).
Dual purpose models also proved popular, accounting for 16.8% of sales. Combined, these segments represented three-quarters (76.2%) of all transactions in the period. Specialist sports, executive, upper medium and MPV were the only segments to record declines in Q1, down -6.1%, -3.5%, -1.6% and -0.4% respectively.
“The used car market has enjoyed its strongest start to a year since before the pandemic, with supply fuelled by a recovering new car market. Critically, more second-hand buyers are opting for electric vehicles, with greater choice and affordability enabling more people and businesses to switch.
“Sustaining and expanding this growth, however, depends on a healthy supply of EVs from the new car market – which in turn requires fiscal incentives alongside a nationally accessible and affordable charge point network so that everyone, whatever their budget or driving needs, can benefit from zero emission motoring,” said SMMT chief executive Mike Hawes.