Growth in the used car market and used electric reaches record levels

“2023 proved to be a healthy year for the used car market, seeing four straight quarters of growth and growth of 5.1 per cent on 2022.”, said Sue Robinson, Chief Executive of the National Franchised Dealers Association (NFDA), commenting on the latest SMMT’s used car figures. The UK’s used car market has grown by 6.9 per cent in the fourth quarter of 2023, with 1,679,116 transactions. The year as a whole saw transactions up 5.1 per cent from 2022 to 7,242,692 transactions. Used battery electric vehicles (BEVs) saw an impressive 90.9 per cent growth for a 1.6 per cent market share in 2023 whilst plug-in hybrids (PHEVs) experienced 25.1 per cent growth and hybrids (HEVs) increased by 40.0 per cent.