Used car sales rise alongside soaring demand for electric vehicles

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【Summary】Growing demand for EVs has led to a surge in used car sales, with 1.83 million cars changing hands in the UK between April and June. Sales of used battery electric cars increased by 81.8% YoY, reaching a market share of 1.7% with 31,000 transactions. However, despite the overall increase in used car sales, the total remained 9.9% below pre-pandemic levels.

FutureCar Staff Aug 15, 2023 10:15 AM PT

Used car sales rise alongside soaring demand for electric vehicles

The growing demand for electric vehicles (EVs) has led to a significant increase in used car sales, according to the Society of Motor Manufacturers and Traders (SMMT). Between April and June, a total of 1.83 million cars changed hands in the UK, representing a 4.1% rise compared to the same period in 2022. This follows a similar year-on-year growth in the previous three months. The SMMT attributes this trend to the sustained growth in the new car market, which has improved availability.

Sales of used battery electric cars specifically saw a substantial increase, rising by 81.8% year on year. These transactions accounted for a market share of 1.7%, with a total of 31,000 sales. However, despite the overall growth in used car sales, the figures remained 9.9% below pre-pandemic levels.

SMMT chief executive Mike Hawes expressed his satisfaction with the support from the new car sector, stating, "It's great to see a recharged new car sector supporting demand for used cars and, in particular, helping more people to get behind the wheel of an electric vehicle." He emphasized that meeting the growing demand for pre-owned EVs depends on a thriving new car market and the availability of accessible and reliable charging infrastructure powered by affordable, green energy. This, in turn, will contribute to achieving environmental goals.

Alex Buttle, co-founder of used car marketplace Motorway.co.uk, commented on the strong performance of used car sales in 2023. As wait times for new cars decrease, more people are choosing to sell their current vehicles to purchase new ones. This has resulted in a steady supply of high-quality used cars entering the market, offering great deals for savvy motorists.

The Ford Fiesta emerged as the best-selling used car in the UK between April and June, with a total of 75,000 transactions. Last month, Ford ceased production of the Fiesta at its factory in Cologne, Germany, in order to make more space for the production of EVs.