Used car sales DOUBLE as new car sales struggle – Ford Fiesta and Vauxhall Corsa top sellers

Used car sales more than doubled in the last quarter as new car sales struggled. Ford Fiesta and Vauxhall Corsa are the most popular buys.

New car sales are still struggling from the effects of Covid, from the ‘pingdemic’ causing staff shortfalls to a shortage of ‘chips’ for cars after the world took to working from home and chips headed for devices instead of cars.

But the counterpoint to that sales struggle for new cars is the impact it’s had on the used car market. And it’s significant.

In the last quarter, used car sales more than doubled – up by 108.6 per cent to 2,167,504 – as car buyers gobbled up older cars, and buyers intending to buy new, but thwarted by a lack of availability, turned to the used car market in droves.

Demand for BEVs and PHEVs rose most significantly – by around 350 per cent – although only accounting for a tiny 1.3 per cent of sales, with petrol and diesel models grabbing 96.4 per cent of the market, with older car sales strong and only 12.7 per cent of transactions on cars three years old or younger.

Top selling used cars in the last quarter were the Ford Fiesta (94,206), Vauxhall Corsa (73,366) and Ford Focus (72,105)

Mike Hawes, SMMT Chief Executive, said:

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.

The only real downside to all this is the cost of used cars, up 16.6 per cent in the last four months alone