While sales across the UK’s used car market fell for the second consecutive quarter this year, declining -12.2% over the three months of July to September, used battery electric vehicle (BEV) sales bucked the trend.
The Society of Motor Manufacturers and Traders (SMMT) reported Q3 growth in the electrified new car market as activity rose 44.1% to 16,775 transactions, adding up to 48,032 in the year to date. The market for used hybrid electric vehicles (HEVs) also grew, up 2.5% in the quarter with 41,479 cars finding new owners, taking the yearly total so far to 119,722. Plug-in hybrid (PHEV) transactions, meanwhile, fell -5.8% to 13,899 in Q3, though they remain up 7.1% since January at 44,724.
This means that, driven by an ever-growing choice of zero emission capable models reaching the used car arena, combined transactions for electrified vehicles reached 4% market share in the third quarter, up from 3.3% a year before. Used petrol and diesel vehicle continued to dominate, however, totalling 1,708,299 transactions in Q3 with petrol taking the lion’s share of the total market at 57.1%.
Mike Hawes, SMMT chief executive, said, “Given the short supply of new cars due largely to sustained chip shortages, a declining used car market comes as little surprise, although it’s great to see a growing number of used buyers able to get into an electric car. The demand is clearly there and to feed it we need a buoyant new car market, which means giving buyers confidence to invest. Next week’s Autumn Statement is an opportunity for the government to make a long-term fiscal commitment to zero emission motoring, including adequate public charging infrastructure, which, especially given the economic headwinds, would go a long way to stimulating the market and delivering both economic and net zero progress.”
James Fairclough, CEO of AA Cars, said the one bright spot in these latest figures was the jump in the number of EVs coming onto the used market for the first time.” High petrol and diesel prices have prompted thousands of drivers to consider going electric this year; but with brand new electric models costing significantly more than conventionally fuelled rivals, improved availability of second-hand EVs will give the used market a welcome boost in coming months.”
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