The UK’s market for pre-owned vehicles has expanded by 7.2% in the second quarter, making it the sixth consecutive quarter of growth
In Q2, the pre-owned vehicle market in the UK has seen a boost of 7.2%, continuing its growth trend for the sixth quarter in a row, as revealed by the latest data released today by the Society of Motor Manufacturers and Traders (SMMT). This surge resulted in an additional 131,128 sales compared to the same period in 2023, driven by the sustained expansion in the sales of new vehicles, which in turn contributed to a wider selection and availability of pre-owned vehicles.
Throughout the year, transactions have shown a consistent increase, with the initial six months witnessing a rise of 6.8% to reach 3,931,318 units – marking the best growth since 2016 and the most successful first half-year since 2019. Currently, the market is only -3.0% below the levels existing before the pandemic.2
With an increasing number of buyers opting for electric vehicles (EVs), the market has seen 46,773 EVs changing hands between April and June, reflecting a rise of 52.6% and constituting a record 2.4% share of the market, up from 1.7% in the corresponding period last year. Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) have also experienced growth, with PHEVs up by 25.2% to 21,580 units and HEVs up by 43.6% to 78,782 units. While petrol and diesel vehicles still dominate the market with a share of 92.4%, there has been a slight decline from 94.3% the previous year, with petrol witnessing a rise of 9.2% and diesel experiencing a fall of -1.2%.
Superminis have maintained their position as the most preferred category of pre-owned vehicles, witnessing an 8.6% rise and constituting 31.9% of transactions, followed by lower medium (27.1% share) and dual-purpose vehicles (15.8% share). These top three categories accounted for three-quarters of all pre-owned vehicles, with only the executive (-4.2%) and luxury saloon segments (-5.4%) observing a decrease in volume.
In terms of color, black retained its position as the most favored color for pre-owned vehicles, experiencing a growth of 6.3% and representing over one-fifth (21.2%) of transactions. Grey and blue maintained their second and third positions, holding market shares of 17.5% and 16.3% respectively. White climbed to fourth place, displacing silver to fifth, while cream/ivory remained at the bottom with only 1,194 units.
Mike Hawes, Chief Executive of the SMMT, remarked,
It is heartening to witness the ongoing recovery of the pre-owned vehicle market, with an enhanced range of choices and cost-effectiveness catalyzed by the sustained progress in the new car sector. The increased availability of electric vehicles to subsequent owners is facilitating a greater number of motorists to make the transition, indicating the imperative to invigorate the new EV market to ensure an equitable shift for all. Sustaining this momentum necessitates the provision of reliable, cost-effective, and eco-friendly EV charging infrastructure nationwide, alongside incentives to encourage the entire nation to embrace the transition to net-zero emissions.
All the pre-owned vehicle data disseminated by the SMMT is accurate based on the information available at the time of publication. This data is sourced from the DVLA and is subject to periodic revisions of historical data, which could lead to discrepancies compared to previously reported figures.
1 Pre-owned vehicle transactions, Q2 2021: 2,167,504 units
2 Pre-owned vehicle transactions, Jan-June 2019: 4,045,380 units; Growth in pre-owned vehicle transactions, Jan-June 2016: 7.9% (4,181,042 units)
SOURCE: SMMT
