The UK’s used car market has proven its resilience and growth, with Q3 2024 seeing an impressive 4.3% increase in transactions compared to the same period last year. This marks the seventh consecutive quarter of growth, with nearly two million vehicles (1,965,811 to be precise) changing hands between July and September. The figure represents an additional 81,651 used cars, a clear sign of the continued appetite for pre-owned vehicles as the market adapts to changing consumer demands.
Record-Breaking Surge for Used Electric Vehicles
One of the most significant developments in the Q3 2024 data is the remarkable surge in demand for used electric vehicles (EVs). A record 53,423 battery electric vehicles (BEVs) found new owners, a striking 57% increase from the same period in 2023. This growth marks a pivotal milestone, with BEVs now commanding 2.7% of the used car market—up from just 1.8% last year.
This surge in pre-owned EVs reflects broader market trends, with the growing popularity of zero-emission vehicles being driven by both consumer preference and increasingly attractive options within the second-hand market. Alongside BEVs, plug-in hybrid (PHEV) and hybrid vehicles also saw strong growth, with sales increasing by 29.0% and 35.8%, respectively, as more buyers consider these environmentally conscious alternatives.
While the shift to EVs is evident, traditional petrol-powered vehicles still make up the bulk of used car transactions, with 1,123,387 petrol cars changing hands—a 5.7% increase. Diesel vehicles, however, saw a slight dip, with 679,797 units sold, down by 3.9%. Together, petrol and diesel vehicles accounted for a dominant 91.7% of the used car market, underscoring the ongoing preference for internal combustion engine (ICE) vehicles despite the rapid growth of electric options.
The Rise of Smaller and More Practical Cars
In terms of vehicle types, superminis—small, practical cars that appeal to a wide range of budgets—continued to dominate the used car market. With 637,865 superminis sold, this category saw a 5.0% increase, making up 32.4% of total transactions. Following closely behind were lower medium and dual-purpose (SUV and crossover) cars, which grew by 5.5% and 10.5%, respectively, capturing 27.1% and 15.8% of the market. Combined, these three categories accounted for a substantial 75.3% of all used car sales in Q3.
In contrast, larger segments such as the upper medium, executive, MPV, mini, and luxury saloons experienced a downturn in sales, highlighting a shift towards more compact and versatile vehicles in line with current consumer preferences.
Colour Trends: Black Retains Popularity
When it comes to colour choices, black continued to be the most popular used car colour in Q3, accounting for 21.2% of all transactions—unchanged from the same period last year. Grey cars saw a 7.9% increase, securing second place with 17.6% of the market, while blue, up by 2.8%, made up 16.1% of sales. In a notable shift, silver saw a decline, dropping to fifth place, marking the only colour in the top 10 to experience a decrease in volume.
Continued Growth Amid Market Challenges
From January to September 2024, the used car market showed consistent growth, up 6.0% year-on-year, with nearly 5.9 million units changing hands. This sustained growth is a promising indicator that demand for used cars remains strong. However, the market’s future trajectory will heavily depend on the health of the new car sector, particularly the availability and affordability of electric vehicles.
Mike Hawes, Chief Executive of the Society of Motor Manufacturers and Traders (SMMT), emphasized the importance of continued support for the transition to EVs. “Maintaining growth in the used car market depends on a healthy new car market, especially for EVs. Consumer confidence is critical for the switch from petrol and diesel vehicles, and without adequate incentives and support for new EV buyers, the second-hand market may suffer,” Hawes commented. “It is crucial that the government urgently reviews the support and regulation for EV adoption to ensure the UK’s transition remains on track.”
Looking Ahead
The latest SMMT data signals a strong finish to 2024 for the UK’s used car market. As nearly 2 million vehicles continue to change hands each quarter, the rising popularity of electric and hybrid cars points to a future that is gradually but unmistakably transitioning to greener, more sustainable options. However, without proper support for new EV sales, the industry risks stagnation, which would ultimately impact used car availability and affordability for consumers.
As the used car market enters its eighth quarter of growth, the spotlight remains firmly on how the transition to electric mobility will shape the future of pre-owned vehicles. The next few years will be pivotal in ensuring that the UK’s automotive sector remains robust and sustainable for all.
