Surge in used EV sales powers used car market growth

The UK’s used car market saw a 5.5 per cent increase in sales in 2024 with a total of 7,643,180 vehicles changing hands.

A standout contributor to this growth was the surge in demand for pre-owned electric vehicles (EVs), which saw a remarkable 57.4 per cent rise, reaching 188,382 units and capturing a 2.5 per cent share of the market.

Plug-in hybrid vehicles (PHEVs) also enjoyed increased popularity, with sales climbing by 32.2 per cent to 92,120 units. When combined with hybrid electric vehicles (HEVs), which saw a 39.3 per cent jump to 306,114 units, electrified vehicles now represent a 7.7 per cent share of the used car market.

This trend mirrors the broader shift towards greener transportation options, as more drivers opt for environmentally friendly alternatives. The availability of a wider range of used EVs and PHEVs at various price points has made the transition to electric driving more accessible for many.

The Society of Motor Manufacturers and Traders (SMMT) said that the growth in the used car market was in part due to an improving new car market, which has enhanced the availability and variety within the used sector.

Superminis remained the most popular choice among used car buyers, accounting for 32.3 per cent of sales, while black retained its position as the top colour preference.

New electric vehicles accounted for 19.6 per cent of all sales in 2024, up by more than a fifth on 2023. Figures for the new car market in January saw a further increase in share for EVs, up to 21.3 per cent of sales, a 41.6 per cent increase on the previous year.