Sales of used electric cars have hit record highs with the UK witnessing a rapid increase in market share in the past year as drivers take interest in switching away from petrol and diesel vehicles.
The latest reports found that 188,000 vehicles changed hands in 2024 representing 2.5 per cent of total used car sales, up from 1.7 per cent in 2023, according to new data from the Society of Motor Manufacturers and Traders.
The milestone comes as the overall used car market saw total sales reach 7.6 million vehicles in 2024, compared to 7.2 million the previous year.
Traditional petrol and diesel vehicles continued to dominate the used car market, accounting for 92.1 per cent of sales in 2024, though this marked a decline from 94.3 per cent in 2023.
The Ford Fiesta retained its position as UK’s most popular used car, with 306,000 transactions recorded last year, according to reports.
The Vauxhall Corsa followed with 253,000 sales, while the Volkswagen Golf secured third place with 231,000 transactions.
The used car sector demonstrated sustained growth, marking its eighth consecutive quarter of expansion according to industry figures.
SMMT chief executive Mike Hawes said: "The used car sector's 25-month growth streak is good news for fleet renewal and for consumers benefiting from the greater choice filtering through from the new market."
However, he warned that growing demand for electric vehicles "cannot continue to be taken for granted." The SMMT expressed concern about the removal of EVs' exemption from Vehicle Excise Duty and the expensive car supplement from April 1.
The changes are "likely to impact on the used market" by "drastically increasing ownership costs" for the first six years of vehicle use, according to the organisation.
Meanwhile, industry experts highlighted the role of affordability in driving used car sales. James Wilson, chief operating officer of Motorway.co.uk, said: "With a year of elections, policy changes and economic uncertainty, it's unsurprising that price-conscious consumers turned to the used car market for more affordable motoring options."
James Hosking, managing director of AA Cars, noted that the used car market is "on a roll" celebrating its eighth consecutive quarter of growth.
But while the used car market flourished for electric cars, the new car market saw different reports. January saw overall registrations fall by 2.5 per cent to 139,345 units, according to reports. Both fleet and private buyer registrations declined, dropping 3.7 per cent and 0.5 per cent respectively.
However, electric vehicle sales continued their upward trajectory, with battery electric vehicle registrations increasing by 41.6 per cent year-on-year, capturing 21.3 per cent of the market.
Hybrid vehicles also performed strongly, with hybrid electric vehicles and plug-in hybrids increasing their market shares to 13.2 per cent and nine per cent respectively.
Fletcher attributed the overall market decline to weak consumer confidence and challenging economic conditions. However, CarVertical expert Matas Buzelis highlighted the used car market's strong finish to 2024, with a four per cent increase in sales year-on-year.
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He shared: "Over 7.5 million used cars have changed hands over the past 12 months, up 5.5 per cent compared with 2023.
"The network of public charging points is also expanding quickly, providing reassurance to drivers that won't run out of power while on the road."
Find Out More...
The latest reports found that 188,000 vehicles changed hands in 2024 representing 2.5 per cent of total used car sales, up from 1.7 per cent in 2023, according to new data from the Society of Motor Manufacturers and Traders.
The milestone comes as the overall used car market saw total sales reach 7.6 million vehicles in 2024, compared to 7.2 million the previous year.
Traditional petrol and diesel vehicles continued to dominate the used car market, accounting for 92.1 per cent of sales in 2024, though this marked a decline from 94.3 per cent in 2023.
The Ford Fiesta retained its position as UK’s most popular used car, with 306,000 transactions recorded last year, according to reports.
The Vauxhall Corsa followed with 253,000 sales, while the Volkswagen Golf secured third place with 231,000 transactions.
The used car sector demonstrated sustained growth, marking its eighth consecutive quarter of expansion according to industry figures.
SMMT chief executive Mike Hawes said: "The used car sector's 25-month growth streak is good news for fleet renewal and for consumers benefiting from the greater choice filtering through from the new market."
However, he warned that growing demand for electric vehicles "cannot continue to be taken for granted." The SMMT expressed concern about the removal of EVs' exemption from Vehicle Excise Duty and the expensive car supplement from April 1.
The changes are "likely to impact on the used market" by "drastically increasing ownership costs" for the first six years of vehicle use, according to the organisation.
Meanwhile, industry experts highlighted the role of affordability in driving used car sales. James Wilson, chief operating officer of Motorway.co.uk, said: "With a year of elections, policy changes and economic uncertainty, it's unsurprising that price-conscious consumers turned to the used car market for more affordable motoring options."
James Hosking, managing director of AA Cars, noted that the used car market is "on a roll" celebrating its eighth consecutive quarter of growth.
But while the used car market flourished for electric cars, the new car market saw different reports. January saw overall registrations fall by 2.5 per cent to 139,345 units, according to reports. Both fleet and private buyer registrations declined, dropping 3.7 per cent and 0.5 per cent respectively.
However, electric vehicle sales continued their upward trajectory, with battery electric vehicle registrations increasing by 41.6 per cent year-on-year, capturing 21.3 per cent of the market.
Hybrid vehicles also performed strongly, with hybrid electric vehicles and plug-in hybrids increasing their market shares to 13.2 per cent and nine per cent respectively.
Fletcher attributed the overall market decline to weak consumer confidence and challenging economic conditions. However, CarVertical expert Matas Buzelis highlighted the used car market's strong finish to 2024, with a four per cent increase in sales year-on-year.
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He shared: "Over 7.5 million used cars have changed hands over the past 12 months, up 5.5 per cent compared with 2023.
"The network of public charging points is also expanding quickly, providing reassurance to drivers that won't run out of power while on the road."
Find Out More...