Used cars continue to hit high as the market cracks 2 million

“The used car market in October has maintained growth throughout Q3, with registrations surpassing two million,” said Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA), commenting on the latest SMMT’s used car figures.

The used car market experienced an increase of 2.8% and a total of 2,021,265 transactions occurred in the quarter. Used battery electric vehicles (BEVs) recorded significant growth, increasing by 44.4%, achieving a market share of 4.0%. Sales of plug-in hybrids also saw growth, rising by 2.0%. Meanwhile, hybrids (HEVs) increased by 30.0% to 107,727 units, owning 5.3% of the market share. Petrol remained the best-selling fuel type, rising 1.9% to 1,145,148 units, while diesel vehicles, at 658,664 units, saw a decline of -2.8%.

Sue Robinson added: “NFDA is pleased to see the used car market’s growth and the impact of the new Electric Car Grant (ECG) on used vehicle sales, whilst still being assessed, has not adversely impacted the market.

“The used car market is hugely important to the UK, helping to drive economic growth. With the budget scheduled for the end of the month, NFDA calls on the Chancellor to address the concerns of the automotive industry, particularly in relation to regulation and growth, to help sustain the positive momentum in today’s figures.”