Used automotive market down however EVs buck pattern

Used automotive transactions fall -8.5% in 2022 with 6,890,777 items altering palms as provide chain restraints curtail market.

File demand for used electrified automobiles, as transactions of BEVs soar by 37.5%, HEVs rise 8.6% and PHEVs develop 3.6% towards 2021 efficiency.

This autumn decline moderates to -4.3%, with 0.8% development in December, signposting restoration in 2023 as enhancing new automotive market provides inventory

Obtain the used automotive gross sales report for This autumn 2022

The UK’s used automotive market declined in 2022, down -8.5% to six,890,777 transactions, in line with the newest figures printed at present by the Society of Motor Producers and Merchants (SMMT). The efficiency noticed 640,179 fewer automobiles altering palms than in 2021, and stays -13.2% off 2019’s pre-pandemic complete, because the squeeze on new automotive provide – primarily because of the international scarcity of semiconductors – restricted inventory coming into the second-hand market.1

Transactions elevated by 0.8% in December within the first month-to-month rise since February, and whereas This autumn was down -4.3%, the third successive quarterly decline, it was not as steep as in quarters two (-18.8%) and three (-12.2%).2 This displays the renewed development seen within the new automotive market, serving to extra automobiles enter used automotive inventory.

Gas Varieties

Used battery electrical automobile (BEV) transactions bucked the general pattern, recording their best-ever annual efficiency with a document 71,071 items discovering new homeowners in 2022, an increase of 37.5%, and boosting their total market share to 1.0%, from 0.7% in 2021. Sturdy demand for different alternatively fuelled automobiles continued, too, with gross sales of hybrid electrical automobiles (HEVs) rising 8.6% and plug-in hybrid electrical automobile (PHEVs) transactions up 3.6%.3

Mixed, nonetheless, electrified automobiles represented simply 4.1% of the market (up from 3.3% in 2021) and whereas transactions of used diesel and petrol vehicles fell by -11.8% and -7.7% respectively, they remained the dominant powertrains with a mixed 6,594,880 items altering palms.4

Mike Hawes, SMMT Chief Government, mentioned,

Whereas the market headlines are unfavourable, and reflective of the squeeze on new automotive provide final 12 months, document electrified automobile uptake is a vibrant spot and demonstrates a rising urge for food for these fashions. With new automotive registrations development anticipated this 12 months, extra of the newest low and nil emission fashions ought to turn into obtainable to second homeowners. Accelerating uptake is vital and might be depending on drivers being assured of a constructive possession expertise. This implies making certain charging infrastructure retains tempo with demand as extra new and used automotive patrons make the change to zero emission motoring than ever earlier than.

Used automotive patrons went again to black because it proved to be the preferred color for the 12 months, accounting for a fifth (21.6%) of the market. Blue ranked second, with 16.4% share, and, regardless of gray topping the brand new automotive market, it ranked third for used vehicles at 16.3% market share. Some patrons opted so as to add a splash of color to their journeys, with 4,461 pink, 6,708 turquoise and 18,658 bronze used automobile transactions in the course of the 12 months.

Market Segments

When it comes to market segments, all sectors noticed transactions decline apart from twin function, which was the third hottest physique sort, recording a small development of 0.8% as simply over 1,000,000 modified palms. Superminis as soon as once more took the title for hottest phase, taking a 3rd of the market (32.3%) regardless of recording a -9.0% fall in volumes. Following behind, decrease mediums had been the second hottest and had been chargeable for 26.3% of the market, but in addition famous a -9.6% decline. The smallest quantity phase sort was luxurious saloons with a 0.6% market share.

Notes to editors

1 2019 FY efficiency – 7,935,105 transactions

2 December used automotive transactions: 415,036 items

3 HEV efficiency: 155,055 items; PHEV efficiency: 55,053 items

4 2022 mixed electrified automobile efficiency: 281,179 transactions