The UK’s used automobile market grew 108.6% within the second quarter of 2021 based on the newest figures launched at this time by the Society of Motor Producers and Merchants (SMMT)
The UK’s used automobile market grew 108.6% within the second quarter of 2021 based on the newest figures launched at this time by the Society of Motor Producers and Merchants (SMMT). 2,167,504 automobiles modified palms, up 6.6% on 2019 pre-pandemic ranges, the most effective Q2 efficiency and virtually the most effective quarter ever for the used automobile market.2 The rise tracks the nation’s gradual emergence from lockdown, as companies reopened, demand for private mobility elevated and inventory shortages within the new automobile market pressured some shoppers to show to used fashions.
In comparison with the close to standstill of the economic system final 12 months, the used automobile market noticed the largest development in April, up 307.4% on 2020 with 724,743 transactions within the month, and up 5.0% on pre-pandemic 2019. All months in Q2 noticed important development, with Might and June up 9.9% and 4.6% on 2019 respectively, the most effective efficiency for each months on report.
Yr to this point, the rebound in Q2 has pushed the used automobile market up 33.3% to three,855,259 items over the primary half of the 12 months. Nonetheless, this stays -4.9% or virtually 200,000 items off the 2019 market.
Demand for used battery electrical (BEV) and plug-in hybrid (PHEV) automobiles continued to develop in Q2. Consumers had been eager to get their palms on the newest, inexperienced expertise, helped by elevated provide flowing by means of from increased new automobile gross sales and wider product selection, with the market share for plug-in automobiles growing to 1.3% of the used automobile market within the quarter. Each BEV and PHEV transactions greater than tripled in Q2 (353.9% and 349.8% respectively) to 10,903 and 16,202.
However, at 1.3% of market share, the plug-in used automobile market will not be but seeing the acceleration of uptake as has been seen within the new automobile market with the variety of used plug-ins altering palms in Q2 2021 comparable with the variety of new plug-ins purchased in Q3 2015.3 The size of the problem to transition your complete used automobile parc away from conventional fuels stays important.
Petrol and diesel powertrains, in the meantime, made up 96.4% of the quarter’s used automobile market at 2,090,396 items. As well as, elevated demand total has led to a rise in gross sales of older used vehicles with solely 12.7% of all automobiles offered being three years or below, the bottom on report.
All segments noticed development, with twin goal seeing the largest improve in Q2, up 147.7%, pushing their market share to 13.5%, nonetheless behind superminis (31.9% share) and decrease medium (27.0%) phase volumes. Black was the primary color selection, with over 461,000 transactions, adopted by silver/aluminium and blue, with the highest three accounting for greater than half of all gross sales (54.8%).
Mike Hawes, SMMT Chief Govt, mentioned,
That is welcome information for the used automobile market as transactions rebounded following nationwide lockdowns which closed retailers. Extra motorists are turning to used vehicles as provide shortages proceed to have an effect on the brand new automobile market, and the elevated want for private mobility with individuals remaining cautious of public transport as they return to work. A buoyant used automobile market is important to keep up sturdy residual values which, in flip, helps new automobile transactions. We now must see the same rebound in new automobile gross sales to speed up the fleet renewal essential to ship fast and steady enhancements in air high quality and carbon emissions.
1 Might 2014 – 659,305; June 2014 – 607,736
2 Q3 2020 – 2,168,599, simply 1,095 items extra
3 New automobile registrations Q3 2015 –0.9% plug-in car market share
SOURCE: SMMT
