The UK’s used automotive market rose by 6.5% within the first quarter of 2024 with 1,967,923 models discovering new homeowners – the strongest begin to a yr since pre-pandemic 2019, based on the newest figures revealed right this moment by the Society of Motor Producers and Merchants (SMMT)
The UK’s used automotive market rose by 6.5% within the first quarter of 2024 with 1,967,923 models discovering new homeowners – the strongest begin to a yr since pre-pandemic 2019, based on the newest figures revealed right this moment by the Society of Motor Producers and Merchants (SMMT).1
The rise marks 16 months of successive development, reflecting recovering provide within the new automotive market which is in flip bettering availability and selection of second-hand motors. Used automotive transactions have risen in each month of the yr to date1 however, regardless of this sturdy development, the quarter’s transactions stay -2.6% beneath pre-Covid ranges.2
Rising numbers of battery electrical autos (BEVs) at the moment are getting into the used sector, with Q1 gross sales up by greater than two thirds (71.0%) to 41,505 – posting a brand new report market share of two.1%. This makes BEVs the quickest rising powertrain as extra consumers are interested in the potential cost-saving and environmental advantages. Hybrids (HEVs) additionally continued to promote in better volumes, with 74,502 altering palms in a 49.3% rise. Plug-in hybrids (PHEVs), too, grew in recognition, with gross sales up 42.5% to 22,065.
Standard powertrains remained dominant within the quarter, with gross sales of petrol automobiles rising 7.7% to 1,130,396, whereas these of diesels fell by -1.3% to 697,718. Mixed, these automobiles accounted for 92.9% of all transactions (1,828,114 models) with market share shrinking by simply over two proportion factors on Q1 2023 as extra consumers transfer to electrified autos.3
Superminis remained the preferred automobile kind, with 640,711 altering palms – a 7.2% enhance. In second place, the decrease medium section grew by 9.2% and noticed the most important quantity acquire at 45,301 models. Rounding off the highest three, which stays unchanged on the identical interval in 2023, twin objective represented 16.0% of the market and recorded the most effective proportion development with a ten.3% rise. Collectively, these segments accounted for 3 quarters of all automobiles offered within the interval.4 On the different finish of the size, govt, luxurious saloon and higher medium have been the one segments to report declines, down -3.5%, -2.0% and -0.5% respectively.
The highest three colors have been unchanged from Q1 2023, with black taking pole place for the thirteenth quarter and equating to 21.3% of gross sales. Gray, the preferred new automotive color, held second place however recorded the most important development within the prime 10, up 10.7%, and blue retained third, with a 6.2% uplift in transactions. Gold and cream have been the one colors within the prime 20 to say no, falling by -2.5% and -0.6% respectively.
Mike Hawes, SMMT Chief Government, mentioned,
A reinvigorated new automotive market is delivering extra selection and affordability for used automotive consumers and, more and more, they’re selecting to go electrical. To allow much more drivers to take pleasure in the advantages of zero emission motoring, making certain each provide and demand stays sturdy is important. Incentivising new EV uptake and investing in a chargepoint community that’s accessible, accessible and reasonably priced to all will drive the nation’s web zero transition.
All used automotive knowledge revealed by SMMT is right based mostly on info accessible on the time of publication. SMMT used automotive knowledge is derived from info provided by DVLA, which periodically revises historic knowledge, which might due to this fact end in variations on knowledge beforehand reported.
1. January, February, March 2024 development on similar interval 2023: 5.1%, 7.7% & 6.9%.
2. Q1 used automotive transactions, 2019: models: 2,020,144 models.
3. Mixed petrol and diesel autos, Q1 2023: 1,756,405 models; Inner combustion engines, market share Q1 2023: 95.1%.
4. Mixed supermini, decrease medium and twin objective market share: 75.8%.
SOURCE: SMMT