Used car sales rise as popularity of EVs increases

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【Summary】Demand for electric vehicles (EVs) has led to a surge in used car sales, according to figures from the Society of Motor Manufacturers and Traders (SMMT). Over 1.83 million cars were sold in the UK 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, accounting for 1.7% of the market. However, overall used car sales remain 9.9% below pre-pandemic levels.

FutureCar Staff Aug 14, 2023 5:02 PM PT

Used car sales rise as popularity of EVs increases

The growing demand for electric vehicles (EVs) has had a significant impact on the used car market, according to figures released by the Society of Motor Manufacturers and Traders (SMMT). Between April and June, 1.83 million cars were sold in the UK, 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 trend to the sustained growth in the new car market, which has improved availability.

One notable development is the rise in sales of used battery electric cars, which saw an 81.8% increase compared to the previous year. These electric vehicles 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.

The CEO of SMMT, Mike Hawes, expressed his enthusiasm for the support the new car sector has provided to 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 growing demand for pre-owned EVs. Hawes believes 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 noted that as wait times for new cars have decreased, more people are choosing to sell their current vehicles to purchase a fresh model. This has resulted in a steady supply of high-quality used cars entering the market, offering great deals for savvy motorists.

The Ford Fiesta was the best-selling used car in the UK between April and June, with 75,000 transactions. Interestingly, the manufacturer recently ceased production of the Fiesta at its factory in Cologne, Germany. The site will be modified to accommodate the production of more EVs.