Used car market down 18.8 per cent despite electric car sales boost
- Used car sales fell by 18.8 per cent in Q2 2022, with declines in April, May and June
- Used car prices also softening, according to the heycar Used Car Price Index
- EV sales buck the trend, doubling their market share to one per cent
Used car sales fell by 18.8 per cent during the second quarter of 2022, with 1,759,684 cars changing hands, according to the latest figures by the Society of Motor Manufacturers and Traders (SMMT).
In total, 407,820 fewer vehicles were sold compared with the same period last year, although the SMMT points out that the scale of the decline has been “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 13.5 per cent behind pre-pandemic 2019.
Even so, declines were recorded each month, with falls in April, May and June of 16.8 per cent, 20.9 per cent and 18.6 per cent respectively, with the used car market feeling the knock-on effects of the semiconductor shortage, which is impacting new car supply, and a drop in demand as the cost of living crisis hits.
Reflecting the drop in demand, online used car marketplace heycar is reporting falling used car prices from their previous record highs.
Used car prices continue to drop
The average asking price of a three-year-old car in July was £19,899.50, according to the heycar Used Car Price Index. That's 0.59 per cent lower than the month before and 8.20 per cent down on January 2022.
Older used cars have seen a bigger drop with the average asking price of a five-year-old car on heycar being £15,946.65 in July, 11.53 per cent lower than it was at the start of 2022.
However, average used car prices on heycar are still ahead of this time last year with a three-year-old car’s price up 6.67 per cent and a five-year-old car’s up 14.51 per cent.
Used electric vehicles double their market share
Sales of battery electric vehicle (BEV) rose 57.1 per cent in quarter two 2022, according to the SMMT.
They reached 16,782 cars, doubling BEV's market share to one per cent. Used petrol and diesel
vehicles remained dominant, totalling 1,682,280 cars and accounting for 95.6 per cent of sales.
Reflecting the new car market, the most popular segment types were supermini (31.4 per cent), lower medium (26.5 per cent) and dual purpose (14.7 per cent).
Black cars proved the most popular, accounting for more than one in five (21.5 per cent) sales, followed by blue and grey. Pink cars proved the least popular overall, comprising 1,135 cars.
Ford Transit Custom is most popular used vehicle
The Ford Transit Custom has topped the list of heycar’s most popular models so far in 2022, appealing to tradespeople and delivery drivers, as well as consumers who are downsizing to one vehicle or looking for a versatile van-based MPV. The Transit Custom is available as a panel van or as a nine-seater Kombi family vehicle.
heycar has seen a 26.8 per cent increase in demand for the Transit Custom in 2022 compared to
the same period last year, while overall there has been a 60.8 per cent increase in demand for vans in the second quarter of 2022 compared to the second quarter of 2021.
This time last year it was one of the UK’s most popular SUVs, the Nissan Qashqai, which was the favourite among heycar’s used car buyers.
However, in 2022 the Transit Custom has beaten the Qashqai as the most popular vehicle for used car buyers. The Transit Custom also comes out on top of all vehicles with a 21- and 22-plate.
Surge in home deliveries
The Transit Custom’s rise is part of an overall growth in demand for used vans at heycar, which has been fuelled by the surge in home deliveries since the start of the Covid-19 pandemic.
This has seen the Volkswagen Transporter also feature in both lists - second behind the Transit Custom for vehicles registered from 2021 and 2022 and the tenth most popular used vehicle overall.
Oliver Rowe, Ford product affairs manager, said: “The Ford Transit Custom was the UK’s top-selling vehicle among both passenger and commercial vehicles last year, and remains so 2022 to date.
“So we’re delighted to see it is also proving popular with used vehicle buyers on heycar this year.
“The army of Ford Transit drivers, and the companies employing them, depend on their vans - just as homes, businesses and other customers depend on their deliveries.”
How many used cars were sold in Q2 2022?
In total, 1,759,684 used cars were sold in the second quarter of 2022, according to the latest figures by the Society of Motor Manufacturers and Traders (SMMT).
That's 18.8 per cent down on 2021, when the market was "artificially inflated” as the easing of Covid restrictions saw the busiest second quarter since records began.
What is the most popular colour for used cars?
Black cars were the most popular used cars in quarter two 2022, according to the SMMT.
They accounted for more than one in five (21.5 per cent) sales, followed by blue and grey. Pink cars proved the least popular overall, comprising 1,135 cars.
How many used electric cars were sold in Q2 2022?
There were 16,782 used cars sold in the second quarter two 2022, according to the SMMT.
This was a 57.1 per cent increase and doubled their market share to one per cent, with used petrol and diesel vehicles accounting for 95.6 per cent of sales.
Which are the most popular used car brands?
Ford had the most used car sales in 2021, followed by Vauxhall and Ford, according to the Society of Motor Manufacturers and Traders (SMMT).
|Percentage of all used car sales in 2021