- UK used car market grows 4.1% in Q1 2023 after three
successive quarters of decline.
- Best start to a year since 2020, but market remains below
pre-pandemic levels.
- BEV sales up 56.6% as 26,257 change hands, representing 1.4%
of the market in Q1.
The UK’s used car market grew 4.1% in the first quarter of 2023
following three successive quarters of decline, according to the
latest figures published today by the Society of Motor
Manufacturers and Traders (SMMT). 1,847,149 transactions took
place, with 72,798 additional cars changing hands compared with
the same period in 2022, as growth in the new car market improved
availability.
In the best start to a year since 2020, used car sales posted
robust growth in each month as demand continued to recover
post-pandemic, with rises of 3.6% in January, 4.4% in February
and 4.3% in March. However, Q1 transactions remain -8.6% below
pre-pandemic levels, reflecting the ongoing impact of supply
challenges and consumer sentiment in light of the economic
backdrop.
Battery electric vehicles (BEVs) were the fastest growing
powertrain, with transactions rising 56.5% to 26,257 units,
representing 1.4% of the market – up from 0.9% last year. Plug-in
hybrids (PHEVs) also changed hands in greater volumes, rising
13.9% to 16,006 units. As a result, plug-ins comprised 2.3% of
sales, up from 1.7% last year as increasing numbers of zero
emission vehicles entered the second-hand market. Hybrids
(HEVs) also grew, by 38.2% to 49,182 units.
While demand for used electrified vehicles continues to grow,
conventional powertrains remain dominant, with petrol
transactions rising 4.5% to 1,048,015 units and diesel sales
up marginally by 0.2% to 706,282 units. Combined, ICE cars
accounted for 95.0% (1,754,297 units) of the market, a fall of
1.2 percentage points on last year.
Superminis remained the most popular vehicle type at almost
600,000 transactions. However, despite posting volume growth of
3.3%, market share slipped to 32.3%.1 Rounding
off the top three vehicle types were lower medium, at 26.5% of
the market, and dual purpose, with a 15.5% share – after
recording the largest volume growth, at 15.1%. The three segments
accounted for almost three quarters of all cars sold (74.3%). At
the other end of the scale, luxury saloons recorded the steepest
fall, at -7.3%.
Black was once again the most popular used car colour, equating
to more than a fifth (21.4%) of sales. Grey, last year’s most
popular colour for new cars, took second place, knocking blue
back into third. Silver/aluminium – once top of the podium – as
well as green and beige were the only colours to decline in the
top 10 ranking fourth, seventh and 10th and falling by -1.8%,
-2.3% and -0.7% respectively.
Mike Hawes, SMMT Chief Executive, said, “Easing
supply chain challenges have reenergised new car registrations,
unlocking availability in the used market and, importantly,
delivering more zero emission capable vehicles to second and
third owners. Sustaining that growth is vital for our
environmental goals, which means bolstering the new car market to
drive supply to the used sector. Infrastructure rollout must also
improve – and at speed – with affordable and reliable charging
essential if more used buyers are to switch to the latest and
cleanest available vehicles.”
Notes to editors:
1 Market share Q1 2022: 32.6%
