Superminis lead UK used automobile market development of 5.1% in 2023

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Superminis led the UK’s total used automobile market development of 5.1% in 2023, based on the newest figures from the Society of Motor Producers and Merchants (SMMT).

The market phase accounted for almost a 3rd of all used automobiles bought out of seven.2 million transactions final yr.

4 straight quarters of development noticed 351,915 extra motorists get behind the wheel of a second hand automobile than in 2022 because the earlier yr’s provide constraints receded, delivering extra option to patrons.

Vehicles within the decrease medium phase took over 1 / 4 of the used automobile market (26.6%) and twin objective automobiles took 15.2%. The smallest quantity phase was luxurious saloons, representing simply 0.5% of transactions.

Paint it, black

Bucking the gray development within the new market, black automobiles have been the most well-liked used purchases, with greater than 1.5 million patrons (21.4%) selecting the color.

Gray, nevertheless, elevated its rating, displacing blue to take second place. On the area of interest finish of the spectrum, 4,870 patrons opted for pink, whereas 4,686 cream automobiles discovered new homeowners, and maroon represented 4,585 transactions.

Throughout the yr, gross sales of used battery electrical automobiles (BEV) virtually doubled, rising 90.9% to a report 118,973 items and a 1.6% share of the general market, up from 0.9% in 2022.

The SMMT mentioned the uplift is consistent with development within the new automobile sector and it mentioned the figures “exhibit eager demand for zero emission motoring on this naturally extra inexpensive value bracket”.

Gross sales of hybrid electrical and plug-in hybrid electrical automobiles have been additionally sturdy, 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, nevertheless, remained essentially the most dominant gasoline sorts, with a complete of 6,827,466 items altering fingers – 94.3% of the general market.

Mike Hawes, SMMT chief govt, mentioned: “A wholesome new automobile market is vital to driving alternative within the used sector and it’s nice to see report numbers of second and third homeowners benefitting from the rising availability of electrical automobiles.

“The demand is there, however to maintain it we should allow each motorist to make the change.

“The upcoming Finances is a primary alternative for the Authorities to do exactly that – halving VAT on new EVs, whereas making public charging as straightforward and inexpensive as plugging in at house, would guarantee a sooner and fairer transition for all, giving the UK a inexperienced financial increase.”

Ford Fiesta 2016

The ever in style Ford Fiesta, which the Blue Oval ended manufacturing of in June final yr, led the used automobile market final yr. Different superminis, hatchbacks and decrease medium automobiles paint the image of the most well-liked fashions available in the market.

James Hosking, managing director of AA Vehicles, mentioned the used automobile market was spurred on by a “highly effective mixture” of higher inventory ranges, settling costs and robust demand.

He mentioned: “With family budgets nonetheless below stress from the rising value of dwelling and excessive rates of interest, many drivers who want to interchange their automobile need to the worth of the used market.

“Many will probably be pleasantly stunned by the worth for cash that cooling costs are bringing to the second-hand market.”

The most recent AA Vehicles Used Automobile Index confirmed that the common value of the UK’s hottest used automobiles fell by 3.3% within the last three months of 2023 in comparison with the earlier yr. 

Hosking added: “Electrical automobiles – although nonetheless solely accounting for a small proportion of used gross sales total – are more and more making their presence felt on the used automobile market, reaching report ranges.

“Higher availability of second-hand EVs and hybrids continues to enhance alternative for drivers and push down costs, serving to gross sales develop by 90.9% on an annual foundation.

“Nonetheless, whereas the price of some used EVs stays excessive in comparison with their petrol and diesel counterparts, extra incentives could also be wanted sooner or later to steer cash-strapped shoppers to go electrical. Rushing up the rollout of the charging community may also assist persuade drivers that now could be the time to modify.” 

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