UK's used car market on track for a record year

Nearly six million used cars have been sold in Britain so far this year.

By: Angel Sergeev

Nov 14, 2024 at 4:01am ET

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In a gear-shifting twist for the UK’s auto industry, the used car market surged by a lively 4.3 per cent between July and September this year, marking the seventh consecutive quarter of growth. New figures released by the Society of Motor Manufacturers and Traders (SMMT) reveal that nearly two million used vehicles – 1,965,811 to be exact – changed hands over the period, with an impressive 81,651 additional deals compared to the same stretch in 2023. And yes, it appears the used market is taking cues from new car sales, which have been riding their own wave of popularity.

In an unexpected development for eco-friendly rides, a record 53,423 pre-owned battery electric vehicles (BEVs) rolled off sellers’ lots, an electrifying increase of 57 per cent. This boosted electric cars’ market share to 2.7 per cent, up from 1.8 per cent last year. Sales of plug-in hybrids and traditional hybrids were also full of juice, rising by 29 per cent and 35.8 per cent respectively. While petrol engines continued to dominate, with 1,123,387 units sold (up 5.7 per cent), diesel sales sputtered, falling by 3.9 per cent.

Superminis – the compact champions of the UK – held onto their crown as the most popular used car type, with 637,865 units sold, making up a chunky 32.4 per cent of all used car transactions. Not far behind were the slightly larger lower-medium cars, which grew by 5.5 per cent in sales, and dual-purpose cars (think SUVs), which jumped a healthy 10.5 per cent. Together, these three types of vehicles accounted for a whopping 75.3 per cent of all used cars sold.

The Ford Fiesta is still Britain's best-selling car on the used car scene. It tops the chart with 77,908 sales, followed by the Vauxhall Corsa (64,681) and Volkswagen Golf (59,380). The Top 10 best-selling used cars list is below:

1. Ford Fiesta - 77,908

2. Vauxhall Corsa - 64,681

3. Volkswagen Golf - 59,380

4. Ford Focus - 57,327

5. Mini - 41,429

6. Vauxhall Astra - 40,938

7. BMW 3 Series - 40,321

8. Volkswagen Polo - 38,751

9. Nissan Qashqai - 34,462

10. BMW 1 Series - 32,869

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When it comes to car colour, UK buyers continue to be creatures of habit. Black held firm as the top pick, with 21.2 per cent of all transactions, followed by grey, which saw a 7.9 per cent increase and made up 17.6 per cent of sales. Blue clung to third place with a modest rise to 16.1 per cent of the market. Silver, however, had a bit of a dull moment, slipping in popularity and dropping to fifth place – perhaps a sign it’s losing its shine.

With three solid quarters of growth and just one left in the year, 2024 is shaping up to be a record-setter for used car sales in the United Kingdom. Nearly six million vehicles (5,897,129 to be precise) have already traded hands since January, marking a 6 per cent increase over last year. All eyes are on the finish line to see if the industry can keep this momentum rolling through to December, keeping the used car market in the fast lane and showing that, old or new, cars remain in high demand.

Source: SMMT