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Tuesday, 14 November, 2023

Surge in used car sales as demand for EVs soars

Surge in used car sales as demand for EVs soars

That’s according to figures from the Society of Motor Manufacturers and Traders

Growing demand for electric vehicles (EVs) has driven a surge in used car sales, figures show.

Some 1.83 million cars changed hands in the UK between April and June, the Society of Motor Manufacturers and Traders (SMMT) said.

That represented a 4.1% increase on the same period in 2022, and followed a near-identical year-on-year growth during the previous three months.

The SMMT said this is partly a result of sustained growth in the new car market leading to improving availability.

Sales of used battery electric cars rose by 81.8% year on year to take a market share of 1.7% with 31,000 transactions.

However, despite the overall increase in used car sales, the total remained 9.9% below pre-pandemic levels.

SMMT chief executive Mike Hawes said: “It’s great to see a recharged new car sector supporting demand for used cars and, in particular, helping more people to get behind the wheel of an electric vehicle.

“Meeting the undoubted appetite for pre-owned EVs will depend on sustaining a buoyant new car market and on the provision of accessible, reliable charging infrastructure powered by affordable, green energy.

“This, in turn, will allow more people to drive zero (emission cars) at a price point suited to them, helping accelerate delivery of our environmental goals.”

Alex Buttle, co-founder of used car marketplace Motorway.co.uk, said: “Used car sales continue to be strong in 2023, with another great set of results in Q2.

“With wait times for new cars easing, more people are selling their current cars to get their hands on something fresh off the production line.

“This has naturally led to a steady supply of high-quality used cars hitting the market and, with it, some great deals for savvy motorists.”

The Ford Fiesta was the UK’s best-selling used car between April and June, with 75,000 transactions.

The manufacturer ended production of the car at its factory in Cologne, Germany, last month ahead of the site being modified to make more room for producing EVs.

Published: by Radio NewsHub

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