The Society of Motor Manufacturers and Traders (SMMT) has published figures for the UK used car market to the second half of 2023. According to the ifnroation published by the Society, the UK’s used car market rose by 4.1% during the second quarter of the year, with 1,832,267 units changing hands. The increase equates to an additional 72,583 transactions compared with the same period in 2022, reflecting sustained growth in the new car market and improving availability.

The SMMT explains that used battery electric vehicle (BEVs) sales continued to soar in the second quarter, growing by 81.8% to 30,645 units, representing 1.7% of the market, a new record, up from 1.0% last year. Double-digit growth also continued for plug-in hybrids (PHEVs) and hybrids (HEVs), up 11.4% to 18,437 units and 29.5% to 53,634 units respectively.

The rising proportion of electrified vehicles meant that market share for conventionally powered cars marginally fell to 94.3% from 95.7% last year, even though volumes of petrol and diesel cars saw growth of 2.5% and 2.8% respectively.

Mike Hawes, SMMT Chief Executive, said that "it’s great to see a recharged new car sector supporting demand for used cars and, in particular, helping more people to get behind the wheel of an electric vehicle. Meeting the undoubted appetite for pre-owned EVs will depend on sustaining a buoyant new car market and on the provision of accessible, reliable charging infrastructure powered by affordable, green energy. This, in turn, will allow more people to drive zero at a price point suited to them, helping accelerate delivery of our environmental goals."