UK used car market sees over two million sales in Q1 2024: SMMT

GlobalData

Mon, May 12, 2025, 7:49 AM 3 min read

The UK used car market saw sales surpassing two million in the first quarter of 2024, according to the Society of Motor Manufacturers and Traders (SMMT).

The trade body reported that 2,020,990 vehicles changed hands, marking the first time since before the pandemic that sales have exceeded this figure.

Sales increased by 2.7% compared with the same period last year, marking nine consecutive quarters of growth.

SMMT attributed the growth to an improved supply from the new car sector.

Petrol vehicles remained the top-selling fuel type, with sales rising by 2.1% to 1,149,855 units, while diesel sales declined by 3.1% to 679,739 units.

Internal combustion engine (ICE) cars accounted for 90.5% of all used transactions in the quarter.

However, their market share decreased by 2.4 percentage points compared to Q1 2024, as more buyers opted for electrified vehicles.

Hybrids saw a surge in demand, with sales up 30.2% to 98,830 units, and plug-in hybrids increased by 14% to 23,540 units.

Battery-electric vehicles (BEVs) recorded the highest growth, with sales rising by 58.5% to 65,850 units, capturing a record 3.3% share of all transactions.

The growth in BEVs is crucial for the UK's net-zero goals, SMMT said, adding that long-term success depends on a robust demand for new electric vehicles, highlighting the importance of government incentives.

The SMMT suggests that halving VAT on new EVs, adjusting their liability to the VED Expensive Car Supplement, and equalising VAT on public charging with domestic rates could boost new car uptake and support a vibrant used market.

Smaller cars remained popular, with superminis being the best-selling segment, accounting for 32.4% of all used car transactions.

Small family (lower medium) cars followed, representing 27% of sales, while dual-purpose models accounted for 16.8%.

Together, these segments comprised 76.2% of all transactions during the period.

Specialist sports, executive, upper medium, and MPV segments saw declines of 6.1%, 3.5%, 1.6%, and 0.4%, respectively.

Black remained the most popular car colour for the 29th consecutive quarter, representing 21.2% of cars sold.

Grey and blue held second and third places, with increases of 6.3% and 1.2%, respectively. Silver, orange, and gold were the only top 20 colours to record declines, falling by 3.1%, 4.9%, and 5.1%, respectively.

SMMT chief executive Mike Hawes said: “The used car market has enjoyed its strongest start to a year since before the pandemic, with supply fuelled by a recovering new car market. Critically, more second-hand buyers are opting for electric vehicles, with greater choice and affordability enabling more people and businesses to switch.