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The used car market grew by 4.3% between July and September, marking the seventh successive quarter of YoY growth, according to the SMMT. Around 1,965,811 vehicles changed hands, with 81,651 additional transactions compared with the same period in 2023.
A record 53,423 used BEVs were sold, an increase of 57.0%, reflecting the largest-ever market share at 2.7%, up from 1.8% in the same period last year. Sales of plug-in hybrids and hybrids also rose, up 29.0% and 35.8% respectively.
Mike Hawes, SMMT Chief Executive, said: “Growth in the used car sector is good news and driven by an outstanding range of desirable and, increasingly, zero emission vehicles to suit every budget.
“Maintaining this depends on a healthy new car market, particularly for EVs.”
Meanwhile, 1,123,387 petrol (up 5.7%) and 679,797 diesel vehicles (down -3.9%) were sold, together accounting for 91.7% of the market.
Hawes said: “Giving consumers the confidence to switch from their familiar petrol or diesel vehicles requires confidence and incentives otherwise many would-be new car buyers will sit on their hands, leading to a diminishing market that will inevitably limit used car availability and affordability.
“This will be to the cost of motorists, the economy and the environment – making a review of support for the transition and the regulation intended to deliver it, an urgent priority.”
From January to September, transactions have risen every month. The used car market is up 6.0% on the same period in 2023, with 5,897,129 units sold in the first nine months.