EV uptake has soared by 44.4 per cent to take a record 4 per cent market share with almost 100,000 buyers.

The UK’s used car market grew by 2.8 per cent in the third quarter to reach more than two million (2,021,265) transactions, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT). It was the best third quarter since 2021, and marks an 11-quarter growth streak, driven by recovery in the new car market enabling a healthy supply of stock.

 Petrol remained the best-selling fuel type in the quarter, with transactions rising 1.9 per cent to 1,145,148 units, while diesel fell 2.8 per cent to 658,664 units.

Hybrid electric vehicle (HEV) transactions rose by 30.0 per cent to 107,727 units, increasing market share to 5.3 per cent, while plug-in hybrid (PHEV) sales also grew, by 2 per cent to 23,480 units, But EV uptake grew faster than any other powertrain, rising by 44.4 per cent to 80,614 units, as one in 25 buyers make the switch.

Mike Hawes, SMMT chief executive added: “With used EV uptake at a record high, a robust used car market is essential for fleet renewal and helps make electrified mobility more accessible for more motorists. However, overall consumer choice and affordability are at risk if the government scraps Employee Car Ownership Schemes, a move that would stifle supply of the very latest vehicles into the used market and cut Exchequer revenue.”

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