A roaring first half of the year for used car sales

• UK used car market grows 7.2% in second quarter, marking sixth successive quarter of growth.
• First half transactions rise by 6.9% year on year, with market now just -3.0% below pre-pandemic volumes.
• Used battery electric vehicles record highest ever market share at 2.3%, as sales soar 51.5%.
• Auto Trader records over half a billion visits in H2; 40m more than in H2 2023
• Auto Trader predicts used car transactions will rise 5% YoY by the end of 2024, totalling 7.6m sales

The maturing electric market's been a bright spot this year, particularly those ‘middle-aged’ models which have benefitted from a significant softening in price. Used EVs are currently selling at their fastest rate in eight months, while those aged 3-5-years-old, which are now broadly at price parity with their petrol counterparts, are the fastest selling segment of the used car market, and by some margin. Clearly, when the price is right, buyers are eager to make the switch.

Key spokesperson

Ian Plummer

Commercial Director

CONNECT

Plummer continued: “More broadly, the used market has had its challenges in 2024, but the first half of the year got off to a roaring start and it’s comfortably sustained its momentum. Retail prices returned to seasonal norms, used cars sold at near record pace, and as reflected in the additional 40m visits to our platform over the period, consumer demand has been strong, helping to fuel the uptick in sales. With such solid market fundamentals, combined with improving economic and political stability, we’ve every expectation the market will continue on its trajectory, and predict overall sales will be up around 5% by the end of the year."