According to the latest figures from the Society of Motor Manufacturers and Traders (SMMT), a total of 1,847,149 used cars were sold in the first quarter of this year, compared with 1,774,351 in the same period in 2022. The SMMT says that growth in the new-car market as post-pandemic production delays unwind has in turn improved the availability of second-hand stock. However, the number of used-car transactions is still almost nine per cent below the levels recorded before the pandemic. Used EV sales over the quarter have increased slightly to 1.4 per cent of the market - up from 0.9 per cent in 2022.
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"Easing supply-chain challenges have re-energised new-car registrations, unlocking availability in the used market and, importantly, delivering more zeroemission-capable vehicles to second and third owners," said SMMT chief executive Mike Hawes. However, anyone hoping that more activity in the used-car market will begin to be reflected in lower used prices will be disappointed by reaction to the latest figures from industry analysts.
Lisa Watson, director of Close Brothers Motor Finance, suggested growth in used sales should begin to calm the market "with more affordable cars available in the coming months", while consultant KPMG said prices are merely "stabilising" for most cars.
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Ian Plummer, commercial director of sales website Auto Trader, said growth is still hampered by low new-car sales. "This massive shortfall of would-be used stock isn't only limiting sales potential, but it's also driving most used-car prices up; in April average values accelerated at their fastest pace in 17 months," he said.
"Anyone hoping for a softening in prices any time soon will be very disappointed."

Signs of recovery in the UK's used-car market

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.