Decline in used car sales halted as more become available

The fall in used car sales has been halted as progress in the brand new car market means more are available, figures present.

Some 1.8 million vehicles modified fingers in the UK between January and March, the Society of Motor Manufacturers and Traders (SMMT) stated.

That represented a 4.1% enhance on the identical interval in 2022, and adopted three successive quarters of decline.

Despite the rise, the variety of transactions in the course of the first three months of the yr remained 8.6% under pre-pandemic ranges.

This displays “the ongoing impact of supply challenges and consumer sentiment in light of the economic backdrop”, based on the SMMT.

Pure battery electrical vehicles have been the quickest rising powertrain in the used car market between January and March, with transactions rising 56.5% yr on yr to 26,257 models.

That represented a market share of 1.4%, up from 0.9% a yr in the past.

The UK’s new car market has grown for 9 consecutive months.

Some 132,990 new vehicles have been registered final month, up 11.6% from April 2022.

SMMT chief govt Mike Hawes stated: “Easing provide chain challenges have re-energised new car registrations, unlocking availability in the used market and, importantly, delivering more zero emission-capable automobiles to second and third house owners.

“Sustaining that progress is important for our environmental objectives, which suggests bolstering the brand new car market to drive provide to the used sector.

“Infrastructure rollout must also improve – and at speed – with affordable and reliable charging essential if more used buyers are to switch to the latest and cleanest available vehicles.”

Ian Plummer, business director at on-line car market Auto Trader, stated: “Despite a backdrop of political and financial uncertainty, strong shopper demand and inventory shortages are fuelling the used car market.

“As the figures show, used car sales still have ground to make up to get back to pre-pandemic levels due to production disruption, but the shortage of vehicles also drove used car prices overall up at the fastest pace for 17 months in April.”

Alex Buttle, co-founder of used car market, stated: “Motorists pissed off with prolonged wait occasions for brand spanking new vehicles turned to the used market to get precisely what they wished – in a fraction of the time – particularly on the practically new, premium finish of the market.

“With the cost-of-living crisis impacting consumer spending power, people have been quick to turn to the used car market for more value.”


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