Readers will no doubt find it of interest to read that the number of used cars sold here in the UK has gone up once again. This is based upon data published on the Society of Motor Manufacturers and Traders (SMMT) website.
In the 2nd quarter of 2024, the number of used cars sold in the UK amounted to 1,963,395. In the same quarter last year the number of used cars sold totalled 1,832,267. That is an extra 131,128 with this equating to a rise of 7.2%. We are sure that you will agree this is a significant increase. This is the 6th quarter in a row that used car sales have risen.
It is also interesting to hear that the number of second hand battery electric vehicles sold rose by a staggering 52.6% and had a market share of 2.4% that is a record.
The top 5 used models in the 2nd quarter of 2024 were: –
1. Ford Fiesta 77,236
2. Vauxhall Corsa 63,713
3. Ford Focus 59,042
4. Volkswagen Golf 58,915
5. MINI 42,658
The top 5 regions in the 2nd quarter of 2024 were: –
1. South East 288,204
2. North West 211,501
3. West Midlands 201,290
4. East 190,467
5. South West 185,209
In the 1st quarter of 2024, the number of used cars sold in the UK amounted to 1,967,923 compared to 1,847,149 in the same quarter of 2023. That equates to a rise of 120,774 – an increase of 6.5%.
So, as you can see, there was a slight rise in the number of used cars sold in the UK in the 1st quarter of 2024 compared to the 2nd quarter of this year.
You may remember that during and shortly after the pandemic the sale price that used cars were achieving, on average, rose. One of the reasons for this was because the number of new cars being sold reduced significantly as not many were being built during the pandemic with many employees having to stay away from work resulting in a lot of people buying cars that had not been registered for too long.
It is going to be interesting to study the figures for the 3rd quarter of 2024 when they are published to see how the used car sales market is performing in the UK.
If you are considering purchasing a used car then you will need to insure the vehicle as it is a legal requirement to do so except in certain circumstances. In this respect, why not get in contact with us at your earliest convenience as we provide access to an extensive panel of reputable insurance companies. We will do all that we can to help you source a free, competitive quotation for car insurance without any obligation to proceed. We look forward to hearing from you and hope that we are able to be of assistance.
