SMMT: Q1 used automobile gross sales surpass two million for first time since 2019

The UK’s used automobile market began the yr on a excessive with 2,020,990 autos altering palms in Q1 – the primary time gross sales have breached two million within the first quarter since earlier than the pandemic – in line with the newest figures printed at present by the Society of Motor Producers and Merchants (SMMT).¹Gross sales grew by 2.7% on the identical interval final yr, capping off 9 consecutive quarters of progress because the market responded to larger provide from the brand new automobile sector.

Petrol remained the best-selling gas kind, rising 2.1% to 1,149,855 models, whereas diesel skilled a -3.1% decline to 679,739 models. Consequently, ICE automobiles made up 90.5% of all used transactions within the quarter. Nevertheless, their mixed market share fell 2.4 share factors on Q1 2024 as extra patrons opted for electrified choices.²

High 10 Q1 used automobiles

Hybrids attracted report numbers of second and third homeowners, up 30.2% to 98,830 models, whereas 23,540 plug-in hybrids modified palms, up 14.0% on the identical interval final yr. Battery electrical automobiles recorded the best progress, rising by 58.5% to 65,850 models and a report 3.3% share of all transactions.

This constructive efficiency noticed the greenest powertrain proceed its streak because the quickest rising, a pattern which should proceed to ship the UK’s web zero objectives. Long run success, nonetheless, depends closely on wholesome demand for brand new electrical automobiles, making authorities incentives paramount. Halving VAT on new EVs and scrapping or amending their legal responsibility to the VED Costly Automobile Complement, alongside equalising VAT paid on public charging to home charges, would all assist improve uptake of recent automobiles and, in flip, promote a vibrant used market.

High 10 areas Q1

Smaller automobiles remained the mainstay of demand, with superminis once more the best-selling phase, accounting for nearly a 3rd (32.4%) of all used automobile transactions, adopted by small household (decrease medium) automobiles (27.0%). Twin objective fashions additionally proved well-liked, accounting for 16.8% of gross sales. Mixed, these segments represented three-quarters (76.2%) of all transactions within the interval. Specialist sports activities, government, higher medium and MPV have been the one segments to report declines in Q1, down -6.1%, -3.5%, -1.6% and -0.4% respectively.

High 10 colors Q1

Black was the most well-liked color for the twenty ninth quarter, accounting for a fifth (21.2%) of automobiles bought, whereas gray and blue held second and third place, up 6.3% and 1.2%, respectively. Earlier best-seller silver, together with orange and gold, have been the one colors throughout the prime 20 to report declines, falling by -3.1%, -4.9% and -5.1% respectively.

Mike Hawes, SMMT Chief Govt, stated, “The used automobile market has loved its strongest begin to a yr since earlier than the pandemic, with provide fuelled by a recovering new automobile market. Critically, extra second-hand patrons are choosing electrical autos, with larger alternative and affordability enabling extra folks and companies to change. Sustaining and increasing this progress, nonetheless, will depend on a wholesome provide of EVs from the brand new automobile market – which in flip requires fiscal incentives alongside a nationally accessible and reasonably priced cost level community so that everybody, no matter their price range or driving wants, can profit from zero emission motoring.”

¹ Used automobile transactions, Q1 2019: 2,040,144 models
² Used automobile diesel and petrol transactions, Q1 2024: 1,828,082 models = 92.9% market share

SOURCE: SMMT