Used car sales climb as consumers shy away from new vehicles

The UK’s used car market continues to grow, as more cash-conscious consumers opt for second-hand vehicles over new ones, according to the Society of Motor Manufacturers and Traders (SMMT).

Transactions in the used car market rose by 4.3% year-on-year from July to September, with 1.96 million sales recorded.

Notably, sales of electric vehicles (EVs) surged by 57%, reaching 53,423 transactions – an increase of around 19,000 compared to the same period last year. Despite this record, EVs still represent only 2.7% of the total used car market, with petrol and diesel vehicles making up a combined 91.7%. Hybrid models accounted for the remainder.

The top-selling used models remain the Ford Fiesta, Vauxhall Corsa, Volkswagen Golf, Ford Focus, and Mini, underscoring a trend for tried-and-tested choices in the second-hand market.

While used car sales are booming, the new car market tells a different story. Private consumer purchases dropped by 4% in the third quarter, reflecting a hesitance to invest in new models amid economic uncertainty. This divergence highlights the increasing appeal of affordable alternatives in the second-hand market, particularly for EVs.