The UK’s used automobile market grew 4.1% within the first quarter of 2023 following three successive quarters of decline, in keeping with the most recent figures revealed right this moment by the Society of Motor Producers and Merchants (SMMT)
The UK’s used automobile market grew 4.1% within the first quarter of 2023 following three successive quarters of decline, in keeping with the most recent figures revealed right this moment by the Society of Motor Producers and Merchants (SMMT). 1,847,149 transactions passed off, with 72,798 further vehicles altering fingers in contrast with the identical interval in 2022, as progress within the new automobile market improved availability.
In the perfect begin to a 12 months since 2020, used automobile gross sales posted sturdy progress in every month as demand continued to get better post-pandemic, with rises of three.6% in January, 4.4% in February and 4.3% in March. Nevertheless, Q1 transactions stay -8.6% beneath pre-pandemic ranges, reflecting the continued impression of provide challenges and shopper sentiment in mild of the financial backdrop.
Battery electrical automobiles (BEVs) have been the quickest rising powertrain, with transactions rising 56.5% to 26,257 models, representing 1.4% of the market – up from 0.9% final 12 months. Plug-in hybrids (PHEVs) additionally modified fingers in better volumes, rising 13.9% to 16,006 models. Consequently, plug-ins comprised 2.3% of gross sales, up from 1.7% final 12 months as rising numbers of zero emission automobiles entered the second-hand market. Hybrids (HEVs) additionally grew, by 38.2% to 49,182 models.
Whereas demand for used electrified automobiles continues to develop, standard powertrains stay dominant, with petrol transactions rising 4.5% to 1,048,015 models and diesel gross sales up marginally by 0.2% to 706,282 models. Mixed, ICE vehicles accounted for 95.0% (1,754,297 models) of the market, a fall of 1.2 share factors on final 12 months.
Superminis remained the most well-liked automobile sort at virtually 600,000 transactions. Nevertheless, regardless of posting quantity progress of three.3%, market share slipped to 32.3%.1 Rounding off the highest three automobile sorts have been decrease medium, at 26.5% of the market, and twin objective, with a 15.5% share – after recording the most important quantity progress, at 15.1%. The three segments accounted for nearly three quarters of all vehicles offered (74.3%). On the different finish of the dimensions, luxurious saloons recorded the steepest fall, at -7.3%.
Black was as soon as once more the most well-liked used automobile color, equating to greater than a fifth (21.4%) of gross sales. Gray, final 12 months’s hottest color for brand new vehicles, took second place, knocking blue again into third. Silver/aluminium – as soon as prime of the rostrum – in addition to inexperienced and beige have been the one colors to say no within the prime 10 rating fourth, seventh and tenth and falling by -1.8%, -2.3% and -0.7% respectively.
Mike Hawes, SMMT Chief Govt, stated,
Easing provide chain challenges have reenergised new automobile registrations, unlocking availability within the used market and, importantly, delivering extra zero emission succesful automobiles to second and third house owners. Sustaining that progress is important for our environmental targets, which suggests bolstering the brand new automobile market to drive provide to the used sector. Infrastructure rollout should additionally enhance – and at pace – with reasonably priced and dependable charging important if extra used patrons are to change to the most recent and cleanest obtainable automobiles.
1 Market share Q1 2022: 32.6%