Data analysis from the Society of Motor Manufacturers and Traders (SMMT) has revealed a 13.5% fall in the used car market during the second quarter of 2017.
According to SMMT figures, 1,832,400 used cars changed hands in the period, a fall of -13.5%, on the back of a record 2016 and turbulence in the new car market following changes to VED rates on new cars introduced on April 1.
Commenting on the findings, SMMT chief executive Mike Hawes said: “With used car sales closely mirroring what we see in the new car market, last quarter’s decline comes as no surprise – and with demand easing over recent months, this could offer motorists the opportunity to get some great deals. However, although the market remains at an exceptionally high level, given the softening we’ve seen in registrations of new cars in more recent months, looking ahead it is vital that government secures the conditions that will maintain consumer and business confidence if we are to see both markets continue to prosper.”
Superminis remained the most popular used vehicle type during the period, with more than 600,000 buyers accounting for a third (32.7%) of the market, followed by small family cars, with almost half a million changing hands. Minis and SUVs were the only two segments to show growth – up 5.7% and 3.5% respectively, echoing the trend in the new car market.
Figures for the first half of the year also showed a small decrease in demand to 3,966,356 sales, 5.1% lower than the record levels seen in the first half of 2016 – again reflecting the trend in the new car market.
In the first six months, demand for diesel cars remained strong, with some 1,628,045 changing hands, a 0.1% year-on-year decline. Meanwhile, petrol sales decreased 8.9% to 2,291,328 units, while alternatively fuelled vehicles (AFVs) rose 24.2% with electric cars enjoying particularly strong growth – up 79.3%. However, volumes remain low with AFVs currently accounting for just 1.2% of the market.
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