Used-car market hits five-year high

The used-car market in the UK has enjoyed its best start to a year since 2019 after the number of units sold in the first quarter of 2024 came in at 1,967,923, up 6.5 per cent from the same period a year ago.

The Society of Motor Manufacturers and Traders (SMMT) says the latest figures mark 16 months of successive growth for the used-car sector. 

It adds this reflects recovering supply in the new car market, which is in turn improving availability and choice of second-hand vehicles

A feature of recent activity is the increasing number of battery electric vehicles entering the used sector, with first-quarter sales up by 71 per cent year-on-year to 41,505 and gaining a new record market share of 2.1 per cent. 

Sales of used hybrids rose 49.3 per cent to 74,502 and plug-in hybrids were up 42.5 per cent to 22,065 over the same timeframe.

The number of petrol cars changing hands grew 7.7 per cent to 1,130,396, while diesel vehicles fell by 1.3 per cent to 697,718. 

Internal combustion engine vehicles accounted for 92.9 per cent of all transactions in the first quarter of this year, a drop of just over two percentage points from a year ago.

Mike Hawes, pictured, SMMT chief executive, says: “A reinvigorated new car market is delivering more choice and affordability for used car buyers and, increasingly, they are choosing to go electric.”