Used car sales surge as demand for electric vehicles rises

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【Summary】Demand for electric vehicles (EVs) has led to a surge in used car sales, with 1.83 million cars changing hands in the UK 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, reaching a market share of 1.7%. However, overall used car sales remained 9.9% below pre-pandemic levels.

FutureCar Staff Aug 15, 2023 7:31 AM PT

Used car sales surge as demand for electric vehicles rises

The demand for electric vehicles (EVs) has resulted in a significant increase in used car sales, according to recent figures. The Society of Motor Manufacturers and Traders (SMMT) reported that 1.83 million cars were sold in the UK between April and June, marking a 4.1% rise compared to the same period in 2022. This growth follows a similar year-on-year increase in the previous three months. The SMMT attributed this trend to the expanding new car market, which has improved the availability of used cars.

The sales of used battery electric cars experienced a remarkable surge, with an 81.8% increase compared to the previous year. These electric vehicles now account for a 1.7% market share, with 31,000 transactions. Despite the overall rise in used car sales, the total still remains 9.9% below pre-pandemic levels.

The CEO of SMMT, Mike Hawes, expressed satisfaction with the growth of the new car sector, as it has contributed 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 and sustainable energy. Hawes believes that this will enable more people to drive zero-emission vehicles and accelerate the achievement of environmental goals.

Alex Buttle, co-founder of Motorway.co.uk, a used car marketplace, highlighted the ongoing strength of used car sales in 2023. He noted that as wait times for new cars decrease, more individuals are selling their current vehicles to purchase fresh models. Consequently, there is 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 75,000 transactions. Ford recently ended production of the Fiesta at its factory in Cologne, Germany, to make space for increased EV production.