- The UK used car market hit a five-year high in Q1 2024 with 1,967,923 transactions, marking 16 consecutive months of growth.
- Battery electric vehicle (BEV) sales jumped 71.0%, reaching 41,505 units and a record market share of 2.1%.
- With a recovering new car market and increasing demand for EVs, the used car industry is set for sustained growth throughout 2024.
UK Used EV Sales Soar in Q1, Setting the Stage for Continued Growth
The used car market for the first quarter hit a five-year high, with EVs achieving a record-breaking market share.
Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA), commented on the latest SMMT’s used car figures;
“The first quarter of 2024 has seen a period of remarkable growth in the used car market with a 6.5% increase, marking the best start to a year since 2019“
The UK’s Q1 2024 used car market boomed with 6.5% growth, hitting 1,967,923 transactions, marking 16 months of consecutive growth and the strongest start since pre-pandemic 2019.
Sales of used battery electric vehicles (BEVs) surged by over two-thirds, climbing 71.0% to 41,505, setting a record market share of 2.1%. Plug-in hybrids also saw strong growth, up 42.5% to 22,065 units, while hybrids rose by an impressive 49.3% to 74,502 units.
Sue Robinson added;
“It is testament to the resilience of the automotive industry with both new and used car markets seeing continuous growth and signalling a gradual return to pre-pandemic levels.
Notably, strong performances can be seen in the used BEV market which continue to grow as more electric cars enter the used sector. There are encouraging signs as BEVs see a new record market share.
The used market figures signal a strong start to 2024 and dealers’ ability to sell used EVs, carrying over the momentum of the previous year despite economic and political challenges.
As we enter Q2, the recovering supply in the new car market should give added impetus to the used car market in the coming months.”
The robust performance of the used car market in Q1 2024 sets a promising tone for the rest of the year. With EVs gaining traction and hitting record market shares, the industry appears poised for continued growth. This momentum, fuelled by rising demand for electrified options, signals a bright future for both buyers and dealers. As the new car market continues to recover and more electric models enter the used sector, we can expect the positive trend to persist, driving sustained growth and resilience in the automotive market.
