Used car sales fall by more than 400,000 in second quarter

Used car sales fell by more than 400,000 between April and June, according to new figures released today.

Data from automotive trade body the Society of Motor Manufacturers and Traders (SMMT) show that 1.76m used cars were sold in the second quarter of 2022. This represents an 18.8 per cent (407,820) slump in transactions compared with the same period in 2021.

Although the SMMT notes that 2021’s figures were ‘artificially inflated’ by the easing of Covid restrictions that saw the busiest second quarter ever for used car sales, this year’s figures are still a 13.5 per cent decline in transactions versus pre-pandemic levels in 2019.

With an ongoing shortage of semiconductors continuing to have an impact on new car production – and therefore registrations – the SMMT says these used car figures are the ‘inevitable knock-on effect’.

However, used electric car sales rose by 57.1 per cent in the quarter to reach 16,782 units, doubling their market share to one per cent. That said, petrol and diesel cars continue to dominate, with these two fuels accounting for 95.6 per cent of the used models sold.

The Ford Fiesta proved to be the most popular used car in the second quarter of 2022 by far, with 71,429 changing hands, followed by the Vauxhall Corsa and Volkswagen Golf at 57,306 and 54,268 respectively.

Mike Hawes, SMMT chief executive, said: “It was inevitable that the squeeze on new car supply would filter through to the used market. Despite this, Britain’s used car buyers clearly have a growing appetite for the latest low- and zero-emission cars, and we need a thriving new car market to feed it.

“The next Prime Minister must create the conditions to drive consumer confidence, especially in EVs, to drive the fleet renewal necessary to meet our decarbonisation goals.”