Last month the Society of Motor Manufacturers & Traders (SMMT) revealed data for the used car market in the UK for 2023. There are some headline figures to look at, particularly the record year for used electric vehicles. We want to have a closer look at them today. Whether it is buyers, private sellers, dealers, or car brokers, it is a wise idea to look at how the market has been performing.
EVs
As we said, one of the most interesting headlines is a record year for the sale of second hand EVs. According to the data, sales of battery electric vehicles (BEVs) were up to 118,973. That is a massive 90.9% increase. It is by far the biggest growth of any segment.
There were also impressive increases for hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs). They were up by 40% (221,859) and 25.1% (65,837) respectively.
The jump in sales also means that second hand electric vehicles now have the largest share they have ever had of the total market. Petrol and diesel cars still dominate, with a 94.3% share. However, EVs went up from 4.0% in 2022 to 5.6%.
A number of factors are responsible for the increase in sales. Most notable is the fact that the prices have come down massively in the last few years. There is also more choice now on the second hand market, especially with more manufacturers now focusing on EVs. Car brokers and dealers will have had to expand their knowledge to cater for the wider range.
Other findings
The SMMT data also has a number of other impressive details. Let’s look at them.
One figure that definitely needs mentioning is the overall growth of the used car market in the UK. In 2023 it grew by an impressive 5.1%. In total there were 7,242,692 sales. This was 351,915 more than 2022.
The growth of the market is largely due to the fact that supply constraints have eased. So, more used vehicles were available. It gave buyers far more choice than in prior years.
Another interesting finding is that black is the most popular colour choice for used car buyers. Over 1.549m cars sold in 2023 were black. Grey (the favoured colour for new cars) took the second spot with over 1.231m, pushing blue to third (1.181m).
Finally, superminis were the most popular body type in 2023. They had a massive 32.1% of the used car market share. Cars in the lower medium segment had 26.6%. The top three was rounded out by dual purpose cars (15.2%). It was a bad year for luxury saloons though, with just 0.5% of the market making it the smallest segment.
Are you interested in what car brokers do?
People in the UK have several different options if they want to buy a second hand car. They could go to a dealer, a car supermarket, look online, or buy directly from a seller. Finding a broker can also work well, especially if you are looking for something specific.
If you are looking for a new career path or a business opportunity, you could try broking. It is easy to start, especially with our help. Then you can put as much time into it as you choose. With such a massive market and potential for demand for second hand EVs to continue to grow, the returns could be fantastic.
You can learn more about car brokers and what they do on our website. In addition, you can have a look at the different products we offer, including the complete business package. If you need any help, you can also contact us.
