“Whilst 2022 experienced a decline in used car sales this as a result of a particularly strong 2021. Franchised dealers continue to see strong demand in the used car segment driven by a combination of consumer demand and a lack of supply of new vehicles”, Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA), commenting on the latest SMMT’s used car figures.
The UK’s used car market has fallen -4.3% in the final quarter of 2022, with 1,571,295 transactions. The twelve months of the year saw transactions down -8.5%.
Used battery electric vehicles (BEVs) saw an impressive 37.5% growth, increasing its market share to 1%, from 0.7%. Plug-in hybrids (PHEVs) experienced 3.6% growth, followed by hybrid (HEV) growth of 8.6%. Together, electrified vehicles represented just 4.1% of the market.
Petrol and diesel continued to dominate the vast majority of used sales, with 6,594,880 transactions at 87.6% of the market share.
Sue Robinson added: “Used cars remain an extremely important segment of the UK car market. Franchised dealers are helping customers find the right model for them during this cost of living crisis.
“Looking ahead, used car values will remain strong whilst supply side issues on new vehicles are prevalent. We also expect the BEV section of the market to continue to rapidly grow as more models enter production.”
*Article Source www.rmif.co.uk
