Used car sales rise as popularity of 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 in 2022. Sales of used battery electric cars rose by 81.8% year on year, accounting for 1.7% of the market. However, overall used car sales remain 9.9% below pre-pandemic levels.

FutureCar Staff Aug 16, 2023 7:34 AM PT

Used car sales rise as popularity of 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 changed hands, representing a 4.1% increase compared to the same period in 2022. This follows a similar year-on-year growth during the previous three months. The SMMT attributes this partly to the sustained growth in the new car market, which has led to improved availability.

One notable trend is the rise in sales of used battery electric cars, which increased by 81.8% year on year and now hold a market share of 1.7% with 31,000 transactions. However, despite the overall increase in used car sales, the total remains 9.9% below pre-pandemic levels.

SMMT chief executive Mike Hawes commented on the positive impact of the new car sector on the demand for used cars, particularly electric vehicles. He emphasized the importance of a strong new car market and the provision of accessible, reliable charging infrastructure powered by affordable, green energy to meet the growing appetite for pre-owned EVs and accelerate the achievement of environmental goals.

Alex Buttle, co-founder of used car marketplace Motorway.co.uk, noted the continued strength of used car sales in 2023, with a steady supply of high-quality vehicles hitting the market. He attributed this to more people selling their current cars to purchase new ones, as wait times for new cars have eased. This trend has resulted in some great deals for savvy motorists.

During the April to June period, the Ford Fiesta emerged as the best-selling used car in the UK, with 75,000 transactions. Interestingly, the manufacturer recently ended production of the Fiesta at its factory in Cologne, Germany, to make more room for the production of EVs.