Used car sales rise as demand for electric vehicles increases

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【Summary】Demand for electric vehicles (EVs) has led to a surge in used car sales in the UK, with 1.83 million cars changing hands between April and June, a 4.1% increase compared to the same period last year. Sales of used battery electric cars rose by 81.8% year on year to make up 1.7% of the market. However, overall used car sales are still 9.9% below pre-pandemic levels.

FutureCar Staff Aug 13, 2023 11:51 PM PT

Used car sales rise as demand for electric vehicles increases

According to figures from the Society of Motor Manufacturers and Traders (SMMT), there has been a surge in used car sales in the UK due to the growing demand for electric vehicles (EVs). Between April and June, 1.83 million cars were sold, representing a 4.1% increase compared to the same period in 2022. This follows a similar year-on-year growth in the previous three months. The SMMT attributes this increase to the sustained growth in the new car market, which has led to improved availability.

The SMMT also reported that sales of used battery electric cars have seen a significant increase, rising by 81.8% year on year. These electric cars now hold a market share of 1.7%, with 31,000 transactions. However, despite the overall rise in used car sales, the total number of transactions remains 9.9% below pre-pandemic levels.

Mike Hawes, the chief executive of the SMMT, expressed his enthusiasm for the growth in the new car sector, which is supporting the demand for used cars, particularly electric vehicles. He emphasized the importance of a thriving new car market and the need for accessible and reliable charging infrastructure powered by affordable, green energy to meet the increasing appetite for pre-owned EVs. Hawes believes that this will help accelerate the achievement of environmental goals.

Alex Buttle, co-founder of used car marketplace Motorway.co.uk, highlighted the continued strength of used car sales in 2023. He explained that as wait times for new cars have decreased, 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, presenting great deals for savvy motorists.

The best-selling used car in the UK between April and June was the Ford Fiesta, with 75,000 transactions. Interestingly, Ford recently ended production of the Fiesta at its factory in Cologne, Germany, to make way for increased production of EVs.