Used car sales are on the rise and buyers are turning to electric vehicles

Used car dealership

The UK used car market grew by 5.2% in the first quarter of 2022 compared to the previous year, according to new figures from the Society of Motor Manufacturers and Traders (SMMT).

The used car market has seen rapid price growth as the semiconductor chip crisis has caused the new car market to struggle to keep up with demand, pushing buyers towards used cars instead .

This means that some 1,774,351 transactions took place, up 86,596 from the first quarter of 2021, when dealerships were closed to the public during the coronavirus-related shutdowns, forcing all sales to take place through services of click and collection.

Summary of used cars Q1 2022
(SMMT)

The rise in figures was largely due to strong sales in January and February, which were up 17.7 and 7.4% compared to the same months last year. In March, sales fell 6.8%, compared to the market recovery with the reopening of dealerships last year.

Despite this growth over last year, used car transactions are down 12.2% from the first quarter of 2019, before the pandemic took hold.

Figures from the industry body Society of Motor Manufacturers and Traders indicate that used buyers are now flocking to electric vehicles. Although plug-in vehicles still account for less than 4% of the market share, sales of used electric vehicles increased by 120.2%.

Plug-in hybrids and hybrids also increased by 35.3 and 28.8 percent respectively.

The Ford Fiesta was the most popular used car of the period, with 73,851 transactions. It was followed by the Vauxhall Corsa (61,236), Volkswagen Golf (56,787), Ford Focus (56,250) and Vauxhall Astra (43,527).

Black was by far the most popular color, accounting for over 350,000 sales, followed by blue with just over 291,000 and silver with just over 2,000 units behind. Gray and white were the top five, with over a quarter million units each.

Top 10 Q1 2022 Models
(SMMT)

Mike Hawes, Managing Director of SMMT, said: “With the new car market hampered by ongoing global supply shortages, growth in the used car market is welcome, although not surprising. , especially since we were stuck last year.

“Electric car sales are driving the market, with zero-emission vehicles starting to arrive in greater numbers to consumers eager to drive the latest, greenest vehicles.

“While there is still some way to go before we see the recent growth of new electric vehicles replicated in the used market, a vibrant new car market will be essential to help drive fleet renewal, which is essential to achieve carbon savings.”