Automation

SMMT: Used automobile market up as EV gross sales attain document ranges

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The UK’s used automobile market grew by 5.1% to 7,242,692 transactions in 2023, in accordance with the most recent figures revealed immediately by the Society of Motor Producers and Merchants (SMMT)

The UK’s used automobile market grew by 5.1% to 7,242,692 transactions in 2023, in accordance with the most recent figures revealed immediately by the Society of Motor Producers and Merchants (SMMT). 4 straight quarters of progress noticed 351,915 extra motorists get behind the wheel of a second hand automobile than in 2022 because the earlier 12 months’s provide constraints receded, delivering extra option to consumers.1

Superminis as soon as once more proved the most well-liked used automobile physique sort, accounting for one in three (32.1%) gross sales within the 12 months. They had been adopted carefully by automobiles within the decrease medium phase, which took 26.6% of the market, and twin goal automobiles (15.2%). The smallest quantity phase was luxurious saloons, representing simply 0.5% of transactions.

Bucking the gray development within the new market, black automobiles had been the most well-liked used purchases, with greater than 1.5 million consumers (21.4%) selecting the color. Gray, nonetheless, elevated its rating, displacing blue to take second place. On the area of interest finish of the spectrum, 4,870 consumers opted for pink, whereas 4,686 cream automobiles discovered new house owners, and maroon represented 4,585 transactions.

Throughout the 12 months, gross sales of used battery electrical automobiles (BEV) virtually doubled, rising 90.9% to a document 118,973 items and a 1.6% share of the general market, up from 0.9% in 2022. The uplift is in step with progress within the new automobile sector and demonstrates eager demand for zero emission motoring on this naturally extra inexpensive worth bracket.

Gross sales of hybrid electrical and plug-in hybrid electrical automobiles had been additionally robust, up by 40.0% and 25.1% respectively and, collectively, electrified automobiles represented 5.6% of the market – up from 4.0% in 2022. Diesel and petrol, nonetheless, remained probably the most dominant gasoline varieties, with a complete of 6,827,466 items altering arms – 94.3% of the general market.2

 

Mike Hawes, SMMT Chief Govt, stated,

A wholesome new automobile market is essential to driving alternative within the used sector and it’s nice to see document numbers of second and third house owners benefitting from the rising availability of electrical automobiles. The demand is there, however to maintain it we should allow each motorist to make the swap. The upcoming Funds is a first-rate alternative for presidency to just do that – halving VAT on new EVs, whereas making public charging as simple and inexpensive as plugging in at dwelling, would guarantee a quicker and fairer transition for all, giving the UK a inexperienced financial enhance.

1 FY used automobile gross sales, 2022: 6,890,777 items.
2 Used diesel figures, 2023: 2,747,911 items; Used petrol figures, 2023: 4,079,555 items.

SOURCE: SMMT

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