“It is pleasing to see the end of 2019 showing a growing used car market, after the first half of the year was slower,” said Louise Wallis, Head of the National Association of Motor Auctions (NAMA), commenting on the latest used car figures from the Society of Motor Manufacturers and Traders (SMMT).
The used car market in Q4 2019 saw a surge of +2.4% in comparison to Q4 2018, with 1,804,343 transactions taking place. Year-on-year, the figure is down just -0.1%, from 7,945,040 to 7,935,105, spelling a relatively stable 2019.
The combination of hybrid, plug-in hybrid and battery electric vehicles witnessed a massive 23.4% increase to 135,516 sales, accounting for 1.7% of the market in a continually upward trend of low-emission vehicles sales. Both petrol and diesel cars felt a slight downturn in 2019, with a reduction of 0.3% and 0.6%, but this generally displays a stable market.
In line with the new car market, superminis were the most sought after with 32.8% of the market. The Ford Fiesta and Vauxhall Corsa topped the transactions for the year, with 351,767 and 299,791 respectively, with the Ford Focus following just behind with 293,276 sold.
Wallis continued, “Demand remains strong from dealers looking for forecourt stock, in order to satisfy the consumer demand for used cars.
“We expect that the used car market for the rest of February and March will remain strong, with supply being likely to be boosted by March part exchange vehicles coming into the market.”
About the RMI
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.