Used car sales soar by 108 per cent to set best-ever second quarter results

Used car sales increased by more than 100 per cent in the second quarter of 2021 to set record results.

According to data from the Society of Motor Manufacturers and Traders (SMMT), 2,167,504 used cars changed hands between April and June, a 108.6 per cent year-on-year increase.

Though the huge uptick can be put down to a weak 2020 performance, it’s still a 6.6 per cent increase on 2019’s pre-pandemic levels, is the best performance yet for the second quarter of a year, and ‘almost the best quarter ever’ overall.

Year to date, 3,855,259 used car transactions have taken place, representing a 33.3 per cent increase compared with last year, though it’s still a shortfall of 200,000 units compared with 2019.

The top 10 most popular used cars is reflective of the UK’s best-selling models, with the Ford Fiesta accounting for 94,206 transactions, followed by the Vauxhall Corsa (73,366) and Ford Focus (72,105).

Though plug-in hybrids and electric used cars increased in popularity by around 350 per cent each, these battery-powered cars continue to only account for a small 1.3 per cent of market share, and are yet to accelerate in popularity in the same way they have with new cars.

The SMMT also says that ‘increased overall demand’ is meaning more are considering older used cars, with sales of models up to three years old accounting for only 12.7 per cent of transactions – the lowest number on record.

Black continues to be the most popular colour choice, with 461,050 used cars being sold in this shade, followed by silver (363,529) and blue (362,140).

Mike Hawes, SMMT chief executive, said: “This is welcome news for the used car market as transactions rebounded following nationwide lockdowns which closed retailers. More motorists are turning to used cars as supply shortages continue to affect the new car market, and the increased need for personal mobility with people remaining wary of public transport as they return to work.

“A buoyant used car market is necessary to maintain strong residual values which, in turn, supports new car transactions. We now need to see a similar rebound in new car sales to accelerate the fleet renewal necessary to deliver immediate and continuous improvements in air quality and carbon emissions.”

Used car values have continued to rise over recent months to unprecedented levels, with the average price of a used car now £16,299 (for the week July 19 to 25) according to Auto Trader – a steep year-on-year increase of 13.3 per cent.