UK used car market falls 18.8 per cent in Q2

2022 first half transactions down 8.3 per cent on last year and market now down 12.8 per cent year to date behind pre-pandemic 2019

UK used car market falls 18.8 per cent in Q2

The UK’s used car market shrank by 18.8 per cent during the second quarter of 2022, with 1,759,684 transactions taking place, according to the latest figures released by the Society of Motor Manufacturers and Traders (SMMT).

Some 407,820 fewer vehicles changed hands compared with the same period last year, although the scale of this decline was artificially inflated by comparison with 2021 when the easing of Covid restrictions saw the busiest second quarter since records began.

By comparison, Q2 2022 was down 13.5 per cent behind pre-pandemic 2019.

The ongoing shortage of semiconductors continued to impact new car market supply, with an inevitable knock-on effect on used transactions.

Declines were recorded in each month, with falls in April, May and June of 16.8 per cent, 20.9 per cent and 18.6 per cent respectively.

As a result, the market is down 8.3 per cent year to date on 2021, and 12.8 per cent on pre-pandemic 2019.

Opinion: How the cost-of-living crisis presents an opportunity for workshops

However, battery electric vehicle (BEV) sales rose 57.1 per cent to reach 16,782 units, doubling market share to 1.0 per cent, while plug-in hybrids held relatively stable with 1.0 per cent growth and 0.9 per cent of the market.

Hybrids (HEVs), meanwhile, declined by 4.0 per cent with 2.4 per cent of the market.

As a result, used petrol and diesel vehicles remained dominant, totalling 1,682,280 units and accounting for 95.6 per cent of sales.

Andy Hamilton, CEO of LKQ Euro Car Parts, said: “Whether or not more used vehicles are changing hands than in previous years doesn’t change the fact that the UK car parc is ageing, especially as supply issues continue to frustrate order fulfilment in the new car market.

“This, combined with more drivers dropping out of dealership servicing earlier in search of a more affordable service, means there’s a real opportunity for independent garages to grow their share of the aftermarket.

“We know that independents provide better customer service and a better experience than the dealerships. Spreading the word locally and investing in a credible online presence is key for those looking to win new customers.

“At the same time, prioritising training and equipment is key to garages looking to enhance their capabilities and widen their proposition, especially as today’s data reiterates increased demand in the used plug-in market.”

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