USED CAR MARKET RECORDS 5.5% GROWTH IN 2024, EVS REACH RECORD MARKET SHARE

“The used car market experienced significant growth throughout 2024, and with the release of Q4 figures today, it has now seen eight consecutive quarters of expansion”, said Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA), commenting on the latest SMMT’s used car figures.

In 2024, the used car market grew by 5.5%, reaching 7,643,180 transactions. From October to December, transactions increased by 4.0% to 1,746,051, marking eight consecutive quarters of growth.

Throughout the year, demand for used battery electric vehicles (BEVs) surged by 57.4%, reaching a record 188,382 units and setting a new market share high of 2.5%, up from 1.7% in 2023. Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) also saw significant growth, rising by 32.2% to 92,120 units and 39.3% to 306,114 units, respectively.

Petrol and diesel vehicles made up 92.1% of all used car transactions, a slight decrease from 94.3% the previous year. Petrol remained the leading choice, rising by 6.8% to represent 57.1% of the market, while diesel transactions declined by -2.4%, accounting for 35.0% of all sales.

Sue Robinson added: “The used car market demonstrated remarkable resilience throughout 2024, with transactions growing by 5.5% compared to 2023. This growth comes amid the new car market seeing four consecutive months of contraction, suggesting a potential shift in consumer preference toward the used market.

"It is encouraging to see used EVs achieve a record market share and continue their upward trend. As the ZEV mandate quota increases to 28% this year, used EVs will play a crucial role in supporting consumers through the transition to electric vehicles.

"Looking ahead to 2025, several factors could influence the used car market, including the introduction of Vehicle Excise Duty on electric vehicles and the Expensive Car Supplement. Throughout the year, NFDA will continue lobbying for government support, including additional incentives and investment in charging infrastructure, to boost demand during the transition to electric vehicles."