Superminis led the UK’s general used automotive market progress of 5.1% in 2023, in line with the newest figures from the Society of Motor Producers and Merchants (SMMT).
The market section accounted for practically a 3rd of all used vehicles offered out of seven.2 million transactions final yr.
4 straight quarters of progress noticed 351,915 extra motorists get behind the wheel of a second hand automotive than in 2022 because the earlier yr’s provide constraints receded, delivering extra option to consumers.
Vehicles within the decrease medium section took over 1 / 4 of the used automotive market (26.6%) and twin goal automobiles took 15.2%. The smallest quantity section was luxurious saloons, representing simply 0.5% of transactions.
Paint it, black
Bucking the gray pattern within the new market, black vehicles have been the preferred used purchases, with greater than 1.5 million consumers (21.4%) selecting the color.
Gray, nevertheless, elevated its rating, displacing blue to take second place. On the area of interest finish of the spectrum, 4,870 consumers opted for pink, whereas 4,686 cream vehicles discovered new house owners, and maroon represented 4,585 transactions.
Throughout the yr, gross sales of used battery electrical vehicles (BEV) virtually doubled, rising 90.9% to a report 118,973 items and a 1.6% share of the general market, up from 0.9% in 2022.
The SMMT mentioned the uplift is in step with progress within the new automotive sector and it mentioned the figures “reveal eager demand for zero emission motoring on this naturally extra reasonably priced worth bracket”.
Gross sales of hybrid electrical and plug-in hybrid electrical vehicles have been additionally robust, up by 40.0% and 25.1% respectively and, collectively, electrified automobiles represented 5.6% of the market – up from 4.0% in 2022.
Diesel and petrol, nevertheless, remained essentially the most dominant gasoline sorts, with a complete of 6,827,466 items altering fingers – 94.3% of the general market.
Mike Hawes, SMMT chief govt, mentioned: “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 house owners benefitting from the rising availability of electrical automobiles.
“The demand is there, however to maintain it we should allow each motorist to make the change.
“The upcoming Finances is a chief alternative for the Authorities to do exactly that – halving VAT on new EVs, whereas making public charging as simple and reasonably priced as plugging in at residence, would guarantee a quicker and fairer transition for all, giving the UK a inexperienced financial increase.”
The ever fashionable Ford Fiesta, which the Blue Oval ended manufacturing of in June final yr, led the used automotive market final yr. Different superminis, hatchbacks and decrease medium automobiles paint the image of the preferred fashions out there.
James Hosking, managing director of AA Vehicles, mentioned the used automotive market was spurred on by a “highly effective mixture” of higher inventory ranges, settling costs and robust demand.
He mentioned: “With family budgets nonetheless beneath stress from the rising value of dwelling and excessive rates of interest, many drivers who want to interchange their automotive need to the worth of the used market.
“Many shall be pleasantly stunned by the worth for cash that cooling costs are bringing to the second-hand market.”
The most recent AA Vehicles Used Automotive Index confirmed that the typical worth of the UK’s hottest used vehicles fell by 3.3% within the last three months of 2023 in comparison with the earlier yr.
Hosking added: “Electrical automobiles – although nonetheless solely accounting for a small share of used gross sales general – are more and more making their presence felt on the used automotive market, reaching report ranges.
“Higher availability of second-hand EVs and hybrids continues to enhance alternative for drivers and push down costs, serving to gross sales develop by 90.9% on an annual foundation.
“Nevertheless, whereas the price of some used EVs stays excessive in comparison with their petrol and diesel counterparts, extra incentives could also be wanted sooner or later to influence cash-strapped customers to go electrical. Rushing up the rollout of the charging community may even assist persuade drivers that now’s the time to change.”
