The UK’s used car market increased 5.1% in the first quarter of 2022, according to the Society of Motor Manufacturers and Traders (SMMT). It recorded 1,774,351 transactions in the first three months of the year, up 86,596 on the same period in 2021.
The rise was driven by a buoyant market in January and February, when used car sales rose 17.7% and 7.4% respectively before a 6.8% decline in March.
However, used car transactions remain 12.2% down on pre-pandemic 2019.
Demand for battery electric vehicles (BEVs) continued to surge, with transactions more than doubling from 6,625 to 14,586, while plug-in hybrids and hybrids rose by 35.3% to 14,433, and 28.8% to 35,007 units respectively.
This represents an accumulated market share of 3.6%, up from 1.6% in the first quarter of 2021.
Mike Hawes, SMMT Chief Executive, said, “With the new car market hampered by ongoing global supply shortages, growth in the used car market is welcome, if unsurprising especially given we were in lockdown last year. Electric car sales are energising the market, with zero emission vehicles starting to filter through in larger numbers to consumers looking forward to driving the latest and greenest vehicles. Although there is some way to go before we see the recent growth in new EVs replicated in the used market, a buoyant new car market will be vital to help drive fleet renewal which is essential to the delivery of carbon savings.”
