The Society of Motor Manufacturers and Traders has reported a 4.1% growth in the used car market in the first three months of 2023.
The upturn follows three successive quarters of decline with rises recorded in January (3.6%), February (4.4%) and March (4.3%) respectively.
In total, 1,847,149 transactions took place, a 72,798 increase on with the same period in 2022, although that number is still 8.6% below pre-pandemic levels.
Battery electric vehicles (BEVs) were the fastest growing powertrain, with transactions rising 56.5% to 26,257 units, representing 1.4% of the market.
Mike Hawes, SMMT Chief Executive, said, “Easing supply chain challenges have reenergised new car registrations, unlocking availability in the used market and, importantly, delivering more zero emission capable vehicles to second and third owners. Sustaining that growth is vital for our environmental goals, which means bolstering the new car market to drive supply to the used sector. Infrastructure rollout must also improve – and at speed – with affordable and reliable charging essential if more used buyers are to switch to the latest and cleanest available vehicles.”
