Used car sales rise with increasing demand for electric vehicles

author: FutureCar Staff    

Recent figures show that the growing demand for electric vehicles (EVs) has led to a surge in used car sales. According to the Society of Motor Manufacturers and Traders (SMMT), approximately 1.83 million cars were sold in the UK between April and June, 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 resulted in improved availability.

One notable aspect of this increase in used car sales is the rise in sales of used battery electric cars. In fact, sales of used electric vehicles increased by 81.8% compared to the previous year, accounting for a market share of 1.7% with 31,000 transactions. However, despite the overall increase 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 satisfaction with the recharged new car sector and how it is supporting the demand for used cars, particularly electric vehicles. He emphasized the importance of maintaining a buoyant new car market and providing accessible and reliable charging infrastructure powered by affordable and green energy. By doing so, more people will be able to drive zero-emission cars at a price point that suits them, ultimately helping to achieve environmental goals.

Alex Buttle, co-founder of used car marketplace Motorway.co.uk, highlighted the continued strength of used car sales in 2023, with impressive results in the second quarter. As wait times for new cars decrease, more individuals are choosing to sell their current cars in order to purchase something fresh off the production line. This has resulted in a steady supply of high-quality used cars entering the market, creating great deals for savvy motorists.

The Ford Fiesta emerged as the best-selling used car in the UK between April and June, with 75,000 transactions. Interestingly, the manufacturer recently ceased production of the Ford Fiesta at its factory in Cologne, Germany, to make room for the increased production of electric vehicles.

FutureCar Staff