Battery-powered vehicles recorded the fastest growth rate in the UK’s used car market in the first quarter of 2023, according to the latest data from the Society of Motor Manufacturers and Traders (SMMT).
After slumping for three consecutive quarters, the used car market in the UK finally saw a 4.1% overall growth in Q1 2023.
This year saw 72,798 new used car tradings, totaling 1,847,149 transactions.
| Q1 2023 | 21 2022 | % Change | YTD 2023 | YTD 2022 | % Change | |
| Used Cars | 1,847,149 | 1,774,351 | 4.1% | 1,847,149 | 1,774,351 | 4.1% |
Used car market recovered – Q1 2023
The report noted that the used car market consistently rebounded after the pandemic, leading to increases of 3.6% in January, 4.4% in February, and 4.3% in March, marking the strongest start to a year since 2020.
Despite that, transactions in Q1 2023 were 8.6% lower than before the pandemic, SMMT highlighted. Considering the economic situation, it demonstrates the continuing effects of supply issues and consumer disposition.
“Easing supply chain challenges have reenergised new car registrations, unlocking availability in the used market and, importantly, delivering more zero emission capable vehicles to second and third owners.
Sustaining that growth is vital for our environmental goals, which means bolstering the new car market to drive supply to the used sector. Infrastructure rollout must also improve – and at speed – with affordable and reliable charging essential if more used buyers are to switch to the latest and cleanest available vehicles.”
Mike Hawes, SMMT CEO
Used car transactions per powertrain
SMMT’s data revealed that BEVs recorded the fastest growth rate among any other powertrain, up 56.5% to 26,257 units. It now accounts for 1.4% of the market, representing a notable increase from 0.9% the previous year.
Additionally, more plug-in hybrids were sold, up 13.9% to 16,006 units. It contributed 2.3% of the overall volume, indicating an increase from 2022’s record of 1.7%. Meanwhile, hybrids saw year-on-year growth of 38.2% to 49,182 units.
| Powertrain | Sales | Change YoY | Share |
| BEV | 26,257 | 56.5% | 1.4% |
| PHEV | 16,006 units | 13.9% | 2.3% |
| HEV | 49,182 | 38.2% | – |
| Petrol | 1,048,015 | 4.5% | – |
| Diesel | 706,282 units | 0.2% | – |
Even though there is a growing market for used electrified vehicles, conventional powertrains continue to lead the industry.
Petrol-powered vehicles recorded a YoY growth of 4.5% to 1,048,015 units. Diesel vehicle sales slightly grew by 0.2% to 706,282 units. Internal combustion engine cars collectively comprised 95.0% of the market, or 1,754,297 units, a decrease of 1.2 percentage points from the previous year.
Top vehicle categories
Superminis continued to dominate the industry with nearly 600,000 transactions. However, despite a 3.3% increase in volume, market share decreased to 32.3%.
Lower medium vehicles followed it with a market share of 26.5%. Dual-purpose vehicles were the third bestselling category, with a 15.5% share.
Notably, these top three categories contributed nearly one-third of the overall sales at 74.3%.
| Ranking | Category | No. transactions | Share |
| 1 | Superminis | 600,000 | 32.3% |
| 2 | lower medium | – | 26.5% |
| 3 | dual purpose | – | 15.5% |
| Total | – | 74.3% |
Top-picked vehicle colors
Black reclaimed the top spot, accounting for over a fifth of sales at 21.4%. The former leader Grey dropped second, pushing Blue to the third spot.
| Ranking | Colors | No. transactions |
| 1 | Black | 395,593 |
| 2 | Grey | 310,859 |
| 3 | Blue | 301,832 |
| 4 | Silver/Aluminium | 283,783 |
| 5 | White | 273,167 |
| 6 | Red | 187,365 |
| 7 | Green | 29,932 |
| 8 | Orange | 14,925 |
| 9 | Yellow | 9,757 |
| 10 | Beige/Buff | 9,426 |
See Also:
- Used EV searches surged 145% in February 2023 on Cars.com
- Tesla prices for new and used EV models declining faster than other brands
- Geely’s Zeekr introduces an EV appraisal platform as used vehicle sales grow
- Queensland advanced as the best state to buy an EV in Australia
- EVs surpass PHEV options for the first time since 2014
These data showed that EV adoption is steadily rising, even in the used car market. Indeed, it is essential to the UK’s environmental development.
