The UK’s used automotive market grew by 5.1% to 7,242,692 transactions in 2023, in response to the newest figures printed immediately by the Society of Motor Producers and Merchants (SMMT)
The UK’s used automotive market grew by 5.1% to 7,242,692 transactions in 2023, in response to the newest figures printed immediately by the Society of Motor Producers and Merchants (SMMT). 4 straight quarters of development noticed 351,915 extra motorists get behind the wheel of a second hand automotive than in 2022 because the earlier 12 months’s provide constraints receded, delivering extra option to patrons.1
Superminis as soon as once more proved the most well-liked used automotive physique kind, accounting for one in three (32.1%) gross sales within the 12 months. They have been adopted carefully by automobiles within the decrease medium section, which took 26.6% of the market, and twin function autos (15.2%). The smallest quantity section was luxurious saloons, representing simply 0.5% of transactions.
Bucking the gray development within the new market, black automobiles have been the most well-liked used purchases, with greater than 1.5 million patrons (21.4%) selecting the color. Gray, nonetheless, elevated its rating, displacing blue to take second place. On the area of interest finish of the spectrum, 4,870 patrons opted for pink, whereas 4,686 cream automobiles discovered new homeowners, and maroon represented 4,585 transactions.
Throughout the 12 months, gross sales of used battery electrical automobiles (BEV) virtually doubled, rising 90.9% to a report 118,973 models and a 1.6% share of the general market, up from 0.9% in 2022. The uplift is consistent with development within the new automotive sector and demonstrates eager demand for zero emission motoring on this naturally extra reasonably priced value bracket.
Gross sales of hybrid electrical and plug-in hybrid electrical automobiles have been additionally robust, up by 40.0% and 25.1% respectively and, collectively, electrified autos represented 5.6% of the market – up from 4.0% in 2022. Diesel and petrol, nonetheless, remained probably the most dominant gasoline varieties, with a complete of 6,827,466 models altering fingers – 94.3% of the general market.2
Mike Hawes, SMMT Chief Government, stated,
A wholesome new automotive market is essential to driving alternative within the used sector and it’s nice to see report numbers of second and third homeowners benefitting from the rising availability of electrical autos. The demand is there, however to maintain it we should allow each motorist to make the change. The upcoming Finances is a first-rate alternative for presidency to do exactly that – halving VAT on new EVs, whereas making public charging as straightforward and reasonably priced as plugging in at house, would guarantee a sooner and fairer transition for all, giving the UK a inexperienced financial enhance.
1 FY used automotive gross sales, 2022: 6,890,777 models.
2 Used diesel figures, 2023: 2,747,911 models; Used petrol figures, 2023: 4,079,555 models.
SOURCE: SMMT
