The start point for the best source of fleet information |
UK used car market grew in 2023, SMMT reports
Date: 08 February 2024 | Author: Sean Keywood
The number of UK used car transactions rose by 5.1% year-on-year in 2023, according to the Society of Motor Manufacturers and Traders (SMMT).
The organisation said a total of 7,242,692 used cars changed hands during the year, including four straight quarters of growth, as supply constraints seen during 2022 receded.
Last year saw strong growth in used pure EV sales, up by 90.9%. However, these still only accounted for 1.6% of the overall market.
SMMT chief executive Mike Hawes said: "A healthy new car market is key to driving choice in the used sector and it's great to see record numbers of second and third owners benefitting from the growing availability of electric vehicles.
"The demand is there, but to sustain it we must enable every motorist to make the switch. The upcoming Budget is a prime opportunity for government to do just that - halving VAT on new EVs, while making public charging as easy and affordable as plugging in at home, would ensure a faster and fairer transition for all, giving the UK a green economic boost."
