The latest report from the Society of Motor Manufacturers and Traders (SMMT) indicates UK's used car market expanded by 5.5% during the third quarter, reaching 1,884,160 units. This growth marks the third consecutive quarterly increase, with September showing the most significant rise at 6.3% leading to the best Q3 performance since 2021.
Remarkably, the demand for electric vehicles, both battery electric and plug-in hybrids, has witnessed a substantial surge, indicating a growing shift towards eco-friendly options in the market.
Battery electric vehicles (BEVs) doubled in the quarter, reaching a record market share as volumes rose by 99.9% to 34,021 units. Since the surge, BEVs currently constitute 1.8% of the used market, up from 1.0% the previous year. Together, plug-in hybrid vehicles (PHEVs) and hybrid electric vehicles (HEVs) increased by 34.6% and 46.4%, respectively, to account for 2.8% of the market. Car volumes for petrol and diesel increased by 2.3% to 704,204 units and 4.0% to 1,065,448 units, respectively.
Black continues to be the most preferred car colour, maintaining its dominance for the 11th quarter in a row equating to more than a fifth (21.3%) of sales, while other popular colours such as grey, blue, silver, and white continue to perform well.
Despite the overall market's 4.6% growth to 5,563,576 units year to date, it remains 9.3% lower than pre-pandemic levels.