Superminis and hatchbacks continue to dominate the second-hand car market in the UK, with the Ford Fiesta leading the pack as the most popular used car. According to new figures from the Society of Motor Manufacturers, superminis accounted for 31.5% of used car transactions from April to June. This trend can be attributed to the rising prices of new cars and the limited availability of affordable small cars in the market.
During this period, a total of 576,980 superminis were sold, representing a 4.4% increase compared to the same period last year. Among these sales, the Ford Fiesta stood out with 75,378 units sold, followed by the Vauxhall Corsa with 59,113 units and the Mini with 41,817 units. Despite Ford ending production of the Fiesta in July to make way for the new Explorer SUV, it continues to dominate the second-hand market.
Interestingly, there has been a significant surge in demand for pre-owned electric vehicles (EVs). Sales of used EVs increased by a staggering 81.8% compared to last year, reaching a total of 30,465 units. This translates to a 1.7% share of the second-hand market, marking a 0.7% increase from 2022. Additionally, there were 18,437 plug-in hybrids and 53,634 hybrids sold during this period, representing increases of 11.4% and 29.5%, respectively.
The rise in demand for used EVs can be attributed to ex-fleet vehicles entering the market as companies and businesses seek to dispose of them before the September numberplate change. Fleet registrations have accounted for nearly 79% of all new EV registrations so far this year. This influx of pre-owned EVs has contributed to the growth of the second-hand market and is indicative of the increasing popularity and acceptance of electric vehicles among consumers.
Mike Hawes, CEO of the Society of Motor Manufacturers and Traders (SMMT), expressed his enthusiasm for the growing demand for pre-owned EVs. He highlighted the importance of a thriving new car market and the need for accessible and reliable charging infrastructure powered by affordable and green energy to sustain this trend. By making EVs more accessible and affordable, more people can contribute to achieving environmental goals and drive zero-emission vehicles.
The rise in market share for electric cars has resulted in a slight decline in the market share of combustion-engined cars, dropping from 95.7% to 94.3% compared to last year. However, the volume of petrol and diesel cars produced increased by 2.5% and 2.8%, respectively. This indicates that while EVs are gaining traction in the used car market, traditional combustion-engined cars still maintain a significant presence.
Overall, the second-hand car market experienced a growth of 4.1% during the second quarter, with 72,583 more transactions compared to the same period in 2022, bringing the total to 1,832,267. This recovery can be attributed to the easing of supply chain disruptions. However, it is important to note that the market was still 9.9% higher in the second quarter of 2019 compared to 2023, indicating that there is still room for further growth and recovery.
In conclusion, superminis and hatchbacks continue to dominate the second-hand car market in the UK, with the Ford Fiesta leading as the most popular used car. The surge in demand for pre-owned EVs is a notable trend, with sales nearly doubling compared to last year. This reflects the increasing acceptance and popularity of electric vehicles among consumers. As the market continues to recover and grow, it is crucial to support the demand for pre-owned EVs through a buoyant new car market and the provision of accessible and reliable charging infrastructure.