The UK’s used car market grew 5.5% in 2024, as drivers continue to turn to older models. This achievement would not be possible without the backing of the independent aftermarket to keep these cars on the road.
A total of 7,643,180 passenger cars changed hands across last year, according to data from the SMMT. This was the second-successive year of used car market growth, with the industry being impacted by COVID-19 and the supply-chain crisis in 2020 and 2022 respectively. In all, improvements were registered across the last eight quarters.
In all, 400,488 more vehicles changed hands in 2024 compared to 2023. This was thanks to growth in the new-car market, which in turn improved availability and choice amongst buyers. Transactions rose every month in 2024, although December’s improvement was marginal.
Across the last three months of last year, the UK used car market grew 4%. October recorded a 6.9% rise, while November saw figures improve by 3.6%. However, there was a marked slowdown in December, with transactions up 0.6%. In total, there were 1,746,051 sales in the three-month period.
Analysing the data, the used car market started the year strongly, with the second quarter providing the best performance. Between April and June, numbers were up 7.2%. This helped the first half of the year see a 6.8% improvement.
However, the market slowed in the second half of 2024. The third quarter saw a 4.3% rise in transactions, while the fourth quarter was the worst performing of the year, despite its rise. The last six months of the year saw numbers rise 4.2%.
BEVs hit new records
Demand for used battery-electric vehicles (BEVs) rose 57.4% last year, achieving a record 188,382 units. This gave the technology its highest-ever used car market share, of 2.5%. This is up from 1.7% in 2024. This is 13 times higher than the figure recorded in 2019.
While this figure may seem small, it must be remembered that, with most used cars entering the market at three-years-old, many of these vehicles were registered when the market was still growing in 2021. Since that year, the new-car market for BEVs has grown rapidly, meaning BEVs will continue to increase in popularity amongst used car buyers.
The used-BEV market may grow even quicker in 2025. With VED being added to new models, and many also likely to pick up the Expensive Car Supplement (ECS), increasing ownership costs for the first six years of a vehicle’s use, drivers who want a BEV will turn to older models, which are exempt at least from the ECS.
Therefore, it is likely that BEVs will increasingly enter independent workshops for both routine servicing and repair work. Garages need to be prepared to work on these vehicles, no matter what work they are conducting, otherwise risk turning work away.
Sales of plug-in hybrids (PHEVs) and hybrids (HEVs) also grew, up 32.2% to 92,120 units and 39.3% to 306,114 units respectively. This means an increase in these models entering the independent sector as well. In the case of HEVs, there are already many more of these vehicles in the UK car parc.
Combined, the number of used electrified vehicles changing hands increased by 43.3% on 2023, with more than half a million of these ultra low or zero emission motors accounting for a 7.7% share of sales. This growth aligns with the new car market and demonstrates the increasing demand and choice across the sector for new and used electric motors, at price points to suit all potential buyers.
Meanwhile, petrol and diesel powered cars accounted for 92.1% of all used car transactions, down slightly from 94.3% last year. Petrol remained dominant, up 6.8% to represent 57.1% of the market, while diesel transactions dropped by -2.4%, accounting for 35% of all transactions.
Fiesta leads used car market
Once again, the Ford Fiesta led the way in the UK used car market. The model achieve 306,207 transactions across 2024, a gap of 53,446 units to its closest competitor, the Vauxhall Corsa.
The Fiesta’s popularity suggests Ford was premature in ending sales of the model. It has led the used car market since its demise, and should this popularity continue, with models getting older and older, many more may require servicing and maintenance.
In third place was the Volkswagen Gold, with 231,440 transactions, followed by the Ford Focus with 228,220 sales. Rounding out the top five was the Mini, with 160,516 buyers picking the model.
The top three popular body types remained the same for another year. With three of the top five models, superminis kept the top spot, accounting for one in three (32.3%) of all used cars sold in 2024.
Lower medium held second place, with a 27.1% share of the market and dual purpose vehicles rounded off the podium, making up 15.9% of sales. Dual purpose recorded the strongest rise in volumes, up 10.7%, reflecting they are now the bestselling segment in the new car market. At the other end of the spectrum, luxury saloons represented just 0.5% of the market.
While grey remained most popular in the new car market, black cars were favoured among used car buyers, with more than 1.6 million (21.3%) opting for the colour. Grey was second, with a 17.6% share and blue third, taking 16.2% of sales. Combined, the top three hues accounted for more than half (55.1%) of all cars sold.
Meanwhile, 5,171 buyers opted for a pink motor, an increase of 301 vehicles on 2023, while 4,659 maroon cars found new owners, pushing the shade up to displace cream, which saw 4,657 transactions, as the least popular colour. Turquoise cars saw the largest growth in 2024, up 11.2% to 8,266 cars, while grey saw the largest volume gain, up more than 117,000 units to 1.3 million.
