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- UK used car transactions grow 5.1% in 2023, with
7,242,692 changing hands as improving new car market
re-energises supply.
- Superminis and black paint most popular used car
style choices, taking 32.1% and 21.4% of the market
respectively.
- Battery electric car sales almost doubled, up by
90.9% to 118,973 – but at just 1.6% of the market,
industry calls for VAT cut on new EVs so future supply
can grow to meet second hand demand.
The UK’s used car market grew by 5.1% to 7,242,692
transactions in 2023, according to the latest figures
published today by the Society of Motor Manufacturers and
Traders (SMMT). Four straight quarters of growth saw
351,915 more motorists get behind the wheel of a second
hand car than in 2022 as the previous year’s supply
constraints receded, delivering more choice to
buyers.1
Superminis once again proved the most popular used car
body type, accounting for one in three (32.1%) sales in
the year. They were followed closely by cars in the lower
medium segment, which took 26.6% of the market, and dual
purpose vehicles (15.2%). The smallest volume segment was
luxury saloons, representing just 0.5% of transactions.
Bucking the grey trend in the new market, black cars were
the most popular used purchases, with more than 1.5
million buyers (21.4%) choosing the colour. Grey,
however, increased its ranking, displacing blue to take
second place. At the niche end of the spectrum, 4,870
buyers opted for pink, while 4,686 cream cars found new
owners, and maroon represented 4,585 transactions.
Across the year, sales of used battery electric cars
(BEV) almost doubled, rising 90.9% to a record 118,973
units and a 1.6% share of the overall market, up from
0.9% in 2022. The uplift is in line with growth in the
new car sector and demonstrates keen demand for zero
emission motoring in this naturally more affordable price
bracket.
Sales of hybrid electric and plug-in hybrid electric cars
were also strong, up by 40.0% and 25.1% respectively and,
collectively, electrified vehicles represented 5.6% of
the market – up from 4.0% in 2022. Diesel and petrol,
however, remained the most dominant fuel types, with a
total of 6,827,466 units changing hands – 94.3% of the
overall market.2
Mike Hawes, SMMT Chief Executive, said,
“A healthy new car market is key to driving choice in the
used sector and it’s great to see record numbers of
second and third owners benefitting from the growing
availability of electric vehicles. The demand is there,
but to sustain it we must enable every motorist to make
the switch. The upcoming Budget is a prime opportunity
for government to do just that – halving VAT on new EVs,
while making public charging as easy and affordable as
plugging in at home, would ensure a faster and fairer
transition for all, giving the UK a green economic
boost.”
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