We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive all cookies on the Business Car website. However, if you would like to, you can change your cookies at any time
The start point for the best source of fleet information |
UK used car transactions fell by 12.2% year-on-year in the third quarter of 2022, according to the Society of Motor Manufacturers and Traders (SMMT).
A total of 1,785,447 vehicles changed hands, the first time the Q3 figure has been below two million since 2015.
The SMMT said this was down to the knock-on effects of semiconductor shortages continuing to impact the supply of stock, with the market now down 9.7% for the year to date.
However, the SMMT did report a big Q3 increase in used battery EV sales, up by 44.1% to 16,775. Used hybrid car sales also rose, by 2.5% to 41,479; however plug-in hybrids were down by 5.8%, to 13,899.
Overall, these electrified models took a 4% used car market share in Q3 - up from 3.3% a year earlier, but still well behind petrol and diesel cars, with the former taking a 57.1% market share.
SMMT chief executive Mike Hawes said: "Given the short supply of new cars due largely to sustained chip shortages, a declining used car market comes as little surprise, although it's great to see a growing number of used buyers able to get into an electric car.
"The demand is clearly there and to feed it we need a buoyant new car market, which means giving buyers confidence to invest.
"Next week's Autumn Statement is an opportunity for the government to make a long-term fiscal commitment to zero emission motoring, including adequate public charging infrastructure, which, especially given the economic headwinds, would go a long way to stimulating the market and delivering both economic and net zero progress."
BusinessCar magazine ©2019
Business Car Magazine © 2020 | Business Car is part of NS Media Group.
