188,000 Used EVs Sold in 2024, Capturing 2.5% of the UK Market in 2024

The UK used car market grew by 5.5% in 2024, reaching 7,643,180 transactions, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). This marked eight consecutive quarters of growth, with 400,488 more vehicles changing hands than in 2023.

The growth in new car sales has played a crucial role in increasing availability and providing more options in the used sector. Transactions rose every month in 2024, as in 2023, with Q4 seeing a 4.0% increase to 1,746,051 units.

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Superminis remained the top choice for used car buyers, making up 32.3% of sales, followed by lower medium vehicles at 27.1%. Dual-purpose vehicles saw the strongest rise in volumes, up 10.7%, and accounted for 15.9% of the market, reflecting their dominance in the new car sector.

On the other hand, luxury saloons represented just 0.5% of sales. The color preferences for used cars revealed that black cars were the most popular, with 21.3% of sales, followed by grey at 17.6% and blue at 16.2%. Grey saw the largest volume increase, up more than 117,000 units to 1.349 million.

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The demand for used battery electric vehicles (BEVs) surged in 2024, rising 57.4% to a record 188,382 units, and capturing a 2.5% market share, up from 1.7% in 2023. Mike Hawes, SMMT Chief Executive, noted, “Record sales of second hand EVs also demonstrates strong appetite for these cutting-edge cars at lower price points.” Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) also grew, with increases of 32.2% and 39.3%, respectively. Combined, the number of used electrified vehicles sold rose by 43.3%, accounting for a 7.7% share of the total market.

However, the used EV market’s growth may face challenges due to changes in taxation. Starting in April 2024, many BEVs registered in the new car market will be subject to Vehicle Excise Duty (VED) and the Expensive Car Supplement (ECS), which could increase ownership costs.

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Hawes emphasized the importance of maintaining affordability, saying, “Ensuring ongoing growth… means maintaining that affordability, along with supply, which requires meaningful fiscal incentives to stimulate consumer demand for new EVs and removing the VED expensive car tax disincentive that risks dragging down used EV affordability for years to come.”