Used car transactions in the United Kingdom grew 5.5% in 2024 after eight consecutive quarters of growth, with 7643,180 vehicles changing hands and “pre-loved” EVs having record demand, rising 57.4% to 188,382 units and taking 2.5% of the market.
Black remains the top colour choice, with superminis the most popular car type, says the Society of Motor Manufacturers and Traders (SMMT).
The year saw 400,488 more vehicles change hands than in 2023, with growth in the new car market fuelling availability and wider choice within the used sector, it says.
More than 1.6 million (21.3%) of used car buyers opted for black, with grey second on a 17.6% share and blue third, taking 16.2% of sales.
Demand continues to soar for used battery electric vehicles (BEVs), rising some 57.4% to a record 188,382 units and achieving a new high for market share, at 2.5%, up from 1.7% in 2023 and 13 times larger than in 2019.
Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) also grew, up 32.2% to 92,120 units and 39.3% to 306,114 units respectively.
Combined, the number of used electrified vehicles changing hands increased by 43.3% on 2023, with more than half a million of these ultra-low or zero emission motors accounting for a 7.7% share of sales.
This growth aligns with the new car market and demonstrates the increasing demand and choice across the sector for new and used electric motors – at price points to suit all potential buyers, says SMMT.
From April, many BEVs registered in the new car market will be subject to Vehicle Excise Duty and the Expensive Car Supplement (ECS) – increasing ownership costs during the first six years of a vehicle’s use and therefore likely to impact on the used market, SMMT says.
“Exempting BEVs from the ECS – or at least raising the eligibility threshold which has remained unchanged since 2017 – would therefore remove a substantial disincentive for both new and used buyers.”
Petrol and diesel cars accounted for 92.1% of all used car transactions – down slightly from 94.3% last year.
Petrol remained dominant, up 6.8% to represent 57.1% of the market, while diesel transactions dropped by -2.4%, accounting for 35% of all transactions.
“The used car sector’s 25-month growth streak is good news for fleet renewal and for consumers benefitting from the greater choice filtering through from the new market,” says SMMT chief executive Mike Hawes.
‘Record sales of secondhand EVs also demonstrates strong appetite for these cutting-edge cars at lower price points,” he says.
“Ensuring ongoing growth, however, means maintaining that affordability, along with supply, which requires meaningful fiscal incentives to stimulate consumer demand for new EVs and removing the VED expensive car tax disincentive that risks dragging down used EV affordability for years to come.”
