SMMT: UK used car market to grow 4.3% in Q3 2024

According to the latest data released by the Society of Motor Manufacturers and Traders (SMMT), the used car market grew by 4.3% in the July-September period, marking the seventh consecutive quarter of year-on-year growth, with approximately 1,965,811 used cars changing hands, an increase of 81,651 compared to the same period in 2023.

Another piece of good news is that a record 53,423 used battery electric vehicles (BEVs) found new owners, up 57.0%, reflecting the largest market share ever (2.7%), up from 1.8% in the same period last year. Plug-in hybrid and hybrid sales also increased by 29.0% and 35.8% respectively. Meanwhile, 1,123,387 gasoline vehicles (+5.7%) and 679,797 diesel vehicles (-3.9%) found new owners, accounting for a total of 91.7% of the market.

Subcompact cars maintained their long-standing popularity, with sales up 5.0% to 637,865 units, accounting for 32.4% of all transactions. Low-end cars (+5.5%) and dual-purpose cars (+10.5%) ranked second and third, accounting for 27.1% and 15.8% of the market respectively. The top three combined accounted for more than three-quarters (75.3%) of all used car transactions. At the same time, the mid-to-high-end, executive, MPV, mini and luxury car markets declined.

Black remains the most popular used car color, accounting for 21.2% of all transactions. Gray is second, with sales up 7.9% year-on-year and accounting for 17.6% of transactions, followed by blue, with sales up 2.8% and accounting for 16.1% of transactions. Silver is the only color in the top ten to see a decline in sales, falling to fifth place.

Transaction volumes have risen every month from January to September and with only a quarter left until the end of the year, the used car market is 6.0% higher than the same period in 2023, with nearly 6 million vehicles (5,897,129) sold in the first nine months.

Mike Hawes, SMMT chief executive, said: “Growth in the used car sector is great news, supported by a range of desirable and growing zero-emission cars to suit all budgets. Sustaining this depends on a healthy new car market, particularly for electric vehicles. Giving consumers the confidence to ditch their familiar petrol or diesel car requires confidence and incentives, otherwise many potential new car buyers will sit on the sidelines, leading to a shrinking market which will inevitably limit the availability and affordability of used cars. This will come at a cost to motorists, the economy and the environment – ​​a review of the regulation that supports the transition and is designed to enable it becomes a priority.”