The UK’s used car market fell 12.2% in the third quarter of the year, with sales down 9.7% for the year to date.
According to the Society of Motor Manufacturers and Traders, just 1,785,447 vehicles changed hands between July and September, the first time that quarter three transactions have dipped below two million since 2015.
However, used battery electric vehicle (BEV) sales bucked the trend with a rise of 44.1% in the quarter to 16,775 transactions. The used electric hybrid market grew by 2.5% over the same period while plug-in hybrid sales fell 5.8%.
Mike Hawes, SMMT Chief Executive, said, “Given the short supply of new cars due largely to sustained chip shortages, a declining used car market comes as little surprise, although it’s great to see a growing number of used buyers able to get into an electric car. The demand is clearly there and to feed it we need a buoyant new car market, which means giving buyers confidence to invest.
“The Autumn Statement is an opportunity for the government to make a long-term fiscal commitment to zero emission motoring, including adequate public charging infrastructure, which, especially given the economic headwinds, would go a long way to stimulating the market and delivering both economic and net zero progress.”
