It is positive to see that, following the best first half-year performance since 2019, the used car market has continued to demonstrate robust growth in this quarter, despite challenging conditions, said Sue Robinson, Chief Executive of the National Franchised Dealers Association.
The used car market experienced growth of 4.3% between July and September, marking the seventh consecutive quarter of year-on-year expansion, according to figures from the Society of Motor Manufacturers and Traders.
A total of 1,965,811 transactions occurred in the quarter, representing an increase of 81,651 when compared to the same period in 2023.
Notably, a record-breaking 53,423 used battery electric vehicles were sold, representing a 57.0% surge, achieving its largest market share to date of 2.7%. Sales of plug-in hybrids and hybrids also saw significant growth, rising by 29.0% and 35.8% respectively.
Petrol vehicle sales climbed to 1,123,387 units up 5.7%, while diesel vehicles, at 679,797 units, saw a decline of -3.9%. Combined, petrol and diesel vehicles accounted for 91.7% of the market.
From January and September, transactions have risen in every month, and with one quarter left in the year, the used car market has grown by 6.0% compared to the same period in 2023. Some 5,897,129 vehicles have been sold in this nine-month timeframe.
Sue Robinson added,“The used car market has displayed sustained growth throughout 2024, with a 6 per cent increase compared to the same period last year. This comes amid substantial political and economic shifts, notably with the Autumn Budget announced last week, and indicates that consumers may be shifting increasingly to the used market.
“It is also encouraging to see that used EVs are trending upwards in the used car market, achieving their largest ever market share. Used EVs will be play an important part in supporting consumers during the transition to electric, particularly as we reach the end of the first year of the ZEV mandate.
“NFDA continues to urge the Government to invest in charging infrastructure to help boost demand further, especially as it reaffirms its commitment to the 2030 phase-out date for new internal combustion engine vehicles.”
