SMMT Used Car Transactions

Q1 marked another significant growth spurt for the maturing used electric market; strong demand saw used EVs sell 15 days faster in March than last year, and currently account for nearly 10% of all sub-five-year-old used car enquiries sent to retailers through our platform. Electric prices are beginning to level off, but with a third of used models costing under £20,000 - more than half the average sticker price of a brand-new EV - the second-hand market remains the most compelling and accessible route for buyers eager to make the switch.

Key spokesperson

Ian Plummer

Chief Customer Officer

CONNECT

Plummer continued: “Many used electric models are now at price parity with their petrol and diesel counterparts; with such huge growth in sales, it’s clear that when priced affordably, EVs are a very attractive prospect.

“The overall retail market was quick to shake off the traditional festive dip, and since the New Year, we’ve been tracking very robust levels of consumer demand. Not only did the quarter culminate in a record 89 million visits to our marketplace in March, but used cars sold at the fastest pace we’ve ever recorded, translating to an exceptionally positive start to the year, with sales up 6.5%. Based on what we’re seeing, the market’s carried some real momentum into Q2, with average sales up over 6% in April.

“The months ahead may hold some challenges, not least the ongoing squeeze in supply, as well as a turbulent economic and political backdrop, but I’ve every confidence the used car market will continue to demonstrate its huge resilience.”