The used car market enjoyed a healthy 2024 and demand for used electric vehicles (EVs) hit an all-time high, data from the Society of Motor Manufacturers and Traders (SMMT) has revealed.
Used car sales increased 5.5% compared to 2023, with 7,643,180 cars changing hands in this period, which translates to an extra 400,488 sales. The used car market has now experienced eight continuous quarters of growth.
The standout performer in the used car market for 2024 has been EVs, which recorded a whopping 57.4% growth year-on-year and now hold 2.5% of the used car market share. A record 188,382 used EVs were sold in 2024.
Hybrids and plug-in hybrids (PHEVs) also enjoyed a fair upswing in sales for 2024, growing 32.2% and 39.3%, respectively. Electrified cars now hold 7.7% of the total used car market.
Petrol and diesel still dominate the market, with petrol growing 6.8% to 57.1% and diesel falling 2.4% to 35% of all sales.
With ever-tighter regulations (the ZEV mandate) ensuring a steady supply of new EVs, used prices have plummeted. Look at our Deal Watch: Nearly New page to see how cheap lightly used EVs can cost. Even with record demand, there is still more supply, which means used EVs can make for absolute bargains.
The AA noted a slight but notable stabilisation for electrified cars in 2024. James Hosking, Managing Director of AA Cars said: ‘The average cost of the 20 most-searched-for EVs and hybrids on AA Cars crept up 1% to £19,143 in the three months to December, but are 10% lower than the same period in 2023.’
The most popular used car colours
Despite grey being the most popular colour for new car registrations, black-coloured cars were the most popular pick on the used car market. More than 1.6 million (21.3%) car buyers opted for the colour. Black was the second most popular colour, and blue was third.
With only 4,657 sales, cream is now the least popular used car colour, slipping behind the 4,659 maroon-coloured car sales for 2024.
The most popular used cars
| Car | Number of transactions |
| Ford Fiesta | 306,207 |
| Vauxhall Corsa | 252,761 |
| Volkswagen Golf | 231,440 |
| Ford Focus | 228,220 |
| MINI | 160,516 |
| Vauxhall Astra | 159,495 |
| BMW 3 Series | 158,674 |
| Volkswagen Polo | 151,786 |
| Nissan Qashqai | 138,810 |
| BMW 1 Series | 125,440 |
What the industry says about UK used cars sales:
Mike Hawes, SMMT Chief Executive, said: ‘The used car sector’s 25-month growth streak is good news for fleet renewal and consumers benefitting from the greater choice filtering through from the new market. Record sales of secondhand EVs also demonstrates strong appetite for these cutting-edge cars at lower price points. Ensuring ongoing growth, however, means maintaining that affordability, along with supply, which requires meaningful fiscal incentives to stimulate consumer demand for new EVs and removing the VED expensive car tax disincentive that risks dragging down used EV affordability for years to come.’
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