Used car market grows as buyers avoid new vehicle purchases
Second-hand vehicle sales show significant growth with 1.96m transactions in recent months‚ while new car purchases decline. Used electric cars hit record numbers despite making up a small portion of total sales
The second-hand car market keeps growing as buyers stay away from new vehicles. Sales went up 4.3% in summer 2024 reaching 1.96m deals (which shows how strong the used market is)
Used electric cars hit new heights with 53‚423 sales; thats a 57% jump but still only makes up 2.7% of all sales. Petrol and diesel cars dominate the market with 91.7% share - hybrid cars fill whats left
Here are the most-wanted used cars right now:
* Ford Fiesta
* Vauxhall Corsa
* Volkswagen Golf
* Ford Focus
* Mini
Ian Plummer from Auto Trader sees good things in the three-to-five year old EV market: prices now match regular cars. These e-vehicles sell 10 days faster than other used cars which is super-interesting
Mike Hawes who leads SMMT points out a tricky situation - new car sales affect used car growth. The industry wants better buying help from the government since makers now cut prices by £5‚500 per EV to move them off lots. The zero-emission rules make companies watch their non-EV sales real careful
The used car market is huge in Britain with 4-in-5 car deals being second-hand. In the first part of 2024 about 5.89m used cars got new owners
