5-year high for Q1 used car market with electric seeing new record market share

The SMMT revealed that the UK’s used car market has grown by 6.5 per cent in the first quarter of 2024, with 1,967,923 transactions occurring through January, February, and March. The increase marks 16 months of successive growth and the strongest start to a year since pre-pandemic 2019. “The first quarter of 2024 has seen a period of remarkable growth in the used car market with a 6.5 per cent increase, marking the best start to a year since 2019”, said Sue Robinson, chief executive of the National Franchised Dealers Association (NFDA).